Show p r -- 'gp g— y 'y p'- - rrmir‘“r- gyi “- “- i hjj r"Jy ly i y ''' pn f 'HywiNf— '" —aya L The Salt Lake Tribune Thursday February 11 1957 $$ Here I V There Today in Business Copper Lags As Prices Mines ''Markets Business News t Utah Savings Trust Okclis Board Dividend Re-clcc- Dow-Jones- Dow-Jo- NEW n YORK-Cop- per Servlet prices waned again Wednesday as one custom smelter quoted the metal at 32 cents a pound 1 cent below the nominal custom smelter price and 2 cents below that charged by major producers Other custom concerns indicated they would meet the lower figure ii any business developed at 32 cents a pound Prices have been slipping lor some time because ol the oversupply of copper on the world market and lagging demand for the metal Directors of Utah Savings anJlt'i projected 750 ton a day caTrust Co have approved a 10 parity per cent dividend The board was renamed at annual stockholders meeting Wednesday All Sand and Gravel Unit officers were Elects Leader were HerDirectors By Assoclattd Pres bert A Snow George J LOS ANGELES CALIF— EzFrank A Fisher George S Spencer Wendell M Smoot ra C Knowlton executive vice F M Michelsen L R Weber president and general manager D E Jildd Richard W Madsen in in ta Utah Sand and r Grave! Co Salt Jr Donald P Lloyd all of U 4Lake" Salt Lake City and Delbert L i Wednesday was Stapley Phoenix Arlz f elected a mem- AT A SPECIAL directors "C7 - j ber of the board meeting Mr Snow was renamed of directors of "£ president and chairman of the the National board Mr Judd executive vice Sand and Gravel president secretary and trust Assn officer Grant C Bryan vice 'Die honors president assistant secretary came at joint and trust officer E R McGhle of the meeting Mr Knowlton cashier and Mrs Evelyn B gan(J grftVel Vlallet assistant cashier with the National group-her“The year 1956 was an ex- Ready Mixed Concrete Assn cellent one lor the bank and Roy E Weaver Lincoln 111 we foresee a good year during was renamed president of the 1957" Mr Snow and Mr Judd sand and gravel association and Informed stockholders John W Roberts Richmond Va was named president of Steel erection has commenced on the new headquarters of Reorganize Company the concrete organization Mountain Fuel Supply Co on corner of 1st South 2nd East Voice Optimism J - BOSTON— Despite uncertainties created by softening copper prices present indications are that Copper Range Co should have a reasonably satisfactory first quarter according to John P LaUy president He told that the company Is almost booked solid for copper output for the March quarter The production will run between 19 and 20 million pounds Dow-Jone- s ' Ticker Tape Columbia Broadcasting Co reports preliminary earnings of $16283000 for 1956 versus $13 397000 for like period year ago Large breweries generally are participating In the move toward mergers and multiplant operations that have been accelerating In recent years 13 Paso Natural Gas Co declared regular quarterly dividend of 32 H cents a share equivalent to the 65 cents paid on old stock prior to split In December 1956 Previous to that the firm paid 50 cents quarterly Proposed construction under the GX home guarantee program last month slid to the lowest level In more than three years the Veterans Administration reUnfilled orders' of ported Dresser Industries Inc on Jan 31 were $34212000 -highest point in company history N Federal Maritime Board granted Socony Mobil permit to build two new super tankers of about 30000 tons capacity each two-for-on- e SL Can-no- - 1 City' I t e By United Press Funeral Funds three questions asked by M Work Started On MFS Building 4-Sto- ry H Love Slate Securities Commission director on the hanHuge steel girders were rapdling of funeral agreement being put into place idly funds were answered by E R Wednesday on the new 19 milCalllster attorney general lion four headquarters of In a three page opinion Mr Mountain story Co Fuel Calllster stated: 1 A bank or southwest corner ofSupply South First trust company may operate both and 2nd East Sts Salt Lake as trustee and depository of funds 2 funeral agreement funds may not be Invested save In bank’s and trust companies’ saving departments and the banks tnd trust companies may the funds as althen lowed by law and 3 a building and loan company may not act as a depository for the funds The opinion written by Raymond W Gee assistant attorney general and signed by Mr Calllster noted that funeral agreement funds sre generally received by a mortuary or some other firm or person acting as trustee who is then bound to deposit the funds in a proper depository N Qty Tolboe and Ilarlin Construe tlon Co Is general contractor Prices CHalk 800 Retail Outlets Gold Strike Stamps Make Utah-Ida- ho Debut Today New Gains In NY Mart n ‘ State’s Attorney Cites Rule on York Times ls - :Drop Again AP— UP—INS—New — rgan RIVERTON lzatlon of Lucky Me Uranium Corp to Include Interests of Utah Construction Co which The Salt Lake City Commishas scheduled erection of a sion has been asked to renew seven million dollar uranium an oil and gas lease on about mill In Gas Hills district was 2300 acres of land near the Salt Lake Municipal affected Wednesday It was disclosed at a stock- Airport the request was holders meeting that the Atomic Making Eilergy Commission may re- Charles S Woodward 1028-10tquire the new plant to mill ore East He said he and his associates had spent one million stockpiled at Riverton The ore would come out of five hundred thousand dollars the custom quota of the mill in Utah drilling six wells the which la about 40 per cent dTtjast one near Saltalr Renewal Sought WYO-Reo- On Oil Gas Site city-owne- d new savings stamps plan with more than 800 retail outlets in Utah and Idaho will begin functioning Thursday Howard B Higgins Salt Lake City “general manager of Gold Vu j r- V Strike - Stamp Co said merchants In virtually all types of t retailing activities have subscribed to the plan GOLD STRIKE Stamp Co was organized by Albertson’s Food Centers Associated Food Stores (AG Stores) Safeway r t f Stores Scrowcroft Wholesale 1 " ' '“sat- ! Grocery (American Food ‘V Stores) Skaggs Drug Centers and Utah Wholesale Grocery Co (IGA Stores) Mr Higgins said Independent if groceries drug stores gas stations and other merchants have subscribed to the plan Premium redemption centers where gifts are displayed have been established at 51 S 2nd Heads West in Salt Lake City 2574 Howard B Higgins new Blvd in plan stamp savings Ogden Washington A New York Times Servlet eels NEW YORK Feb metals aircrafts oils and rails —issues that have been under' consistent pressure since the turn of the year—shot upward In Wednesday’s" sTock fnarket 13-St- - ’ VOLUME FELL and the man ket became narrower as prices registered their best gain since Dec 5 Turnover was 2380000 shares against 2550 000 on Lincoln’s birthday and 1130 issues were traded’ Of these 799 rose 170 fell and 181 closed unchanged Bethlehem Steel led the mar-ke- t on volume on 91200 shares to 43 Vi United and rose 1 States Steel rose 214 Republic one-da- 4 fj Lukens Steel Dow-Jon- day from a custom smelter at a price roughly one cent a pound below the 33 cent quotation these companies are asking US Industry to pay THE LOW PRICE on bids opened this week for delivery 3'i Youngstown 3T and Armco 2 Vi The general enthusiasm failed to extend to the leading motors which rose only US Gets Copper Bargain e Servlet DENVER — The US Denver Mint got 400 tons of refined copper In cathode form Wednes- 1H Steeel y fractions Metals were popular Kennecott rose 2 Vi Magma 3 Vi Alcoa two mint Denver of the metal to the points Kaiser Aluminum two was 3179 cents a pound sub- points Aluminum four points mitted by the International Min- International Nickel 44 the last selling erals & Metals Corp 3183 was The next low bid Eastman Kodak rose cents a pound by American and Allied Chemical 14 2i Metal Co Ltd — American DuPont Dow and Monsanto Smelting & Refining Co submitted a price of 3245 cents managed fractional advances a pound and Brandeis Gold- Westlnghouse was up a point schmidt a price of 32 38 cents and General Electric 1V4 on the building scheduled for completion later in 1957 In addition to the four stories the structure has a large base- ment ‘ The 70000 square foot building will be air conditioned DECEMBER 31 1956 Textile Cutbacks Dow-Jo- n Service WASHINGTON— Textile pro-ductio- cutbacks continue “to deepen Four major concerns announced reductions of work weeks from six to five days and some firms listed plants for shutdowns 4- The Company has mailed to all shareholders as of February 13' 1957 a preliminary report containing the financial statements for the year ended December 31 1956 The financial report and operating particulars presented here in condensed form have been prepared by the company from the more detailed financial statements certified by the company’s public accountants Price Waterhouse & Co Copies of the preliminary report to shareholders are available upon request sent to the Secretary at the home office of the company at Buchanan Michigan CLARK EQUIPMENT COMPANY SALES INCOME AND OTHER PARTICULARS FOR THE CALENDAR YEARS I9S6 AND I960 ' ' ’ W55 ‘ 1956 NET SALES $145384 923 Income before federal income tax Provision for federal income tax NET INCOME fqr the year $ 1840137 9000000 $ 9401357 $131252441 19285626 9750000 $ 9535626 $ ‘ DIVIDENDS PAID IN CASH: Common stock— $2125 per share in 1956 and $1875 per share m 1955 v $ 4829180 Preferred stock— $500 per share 65126 $"4694306 TOTAL DIVIDENDS $ 4197229 $ 4273274 76045 EARNINGS— per share of common stock outstanding (after dividends paid to $423 $411 preferred shareholders) Balance Sheet - December 31 1956 LIAOILITI E9 ASSETS Cash : $ 30712939 CURRENT LIABILITIES CURRENT ASSETS: 7777777 $ Accounts receivable Inventories— at lower of cost or market 10689685 16140349 43238370 395862 Prepaid expenses PAYABLE LONG AND CAPITAL STOCK TERM-NOTE- INVESTMENTS 21000000 S RETAINED EARNINGS' Preferred 5 cumulative— par value $ 70464266 690(1262 $ 1293400 $100 per share (12934 shares) Common— par value $15 per share 34095150 (2273010 shares) Earnings retained and used in the 'business Retained earnings of finance subsidiaries not consolidated LAND BUILDINGS AND EQUIPMENT Less— Depredation $ 44682479 16739316 ’ She shops miles of store aisles in minutes! 28143163 17976295 ' 465955 TT5K800 Cost of 1288 common shares bdd In Lees $105516691 I 27048 63803752 1165616691 V Without moving out of her chair she' shopping all over town as you do when you read your paper It's the and so easy advertising in it that makes this possible 4 u Advertising tells you what's good about a particular product how it will help to make your housework pleasanter your life more exciting You count on adsernsing t point out a products washability and durability strength or construction how it cleans or nourishes price and cost of operation When you go" shopping “you" know” almost as much” about your purchase as the man who manufactured it Because of this modern-da- y convenience advertising you’re the best prepared shopper in the world! - Advertising Benefits Yon I 4 I i 4 9 k ¥ is A Pr alf £akf gfibtutr CLARK EQUIPMENT COMPANY Buchanan Battle Creek Benton Harbor Jackson Michigan St Thomas Ontario Canada I t |