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Show The Hatt LakeTribune BUSINESS @ CHARLES JAFFE, E-3. MI HUMBERTO CRUZ, E-4 1909 Compiled by Lisa Carricaburu Income Gap Widens at Turn MRHONDA ABRAMS, E-6 i DECEMBER26, 1999 1982 1952 Charles Steen discovers uranium in Kennecott Copper Com. buys Utah Copper Co. and secae open-pit mine in Bingham Can) i i SERBAY Be ois MOTLEY FOOL E-2 KOTO, Interstate 80 completed. southeastern Utah, setting off mining boom. Western Airlines Inc.builds hub at Salt , Lake City begs Airpo! rt. 1983 Evans & Sutherland Computer Corp, Ray Noorda becomeschief executive of founded,state's first home-grown Novell Inc., now the state's largest computer company. ‘software company. Ofthe Century The“rising tidelifts all boats” aphorism held true for a quartercentury after World War II,butit has sprung leak since then, according to a national organization that wants to shrink the widening incomegap group thatparticularly criticizes big CEO pay packages,closes the 1990s with a report on the Divided Decade: Economic Disparity at the Century's Turn. Since 1979, the bottom fifth of U.S. families has seen real incomefall by 5 percent whilethe topfifth has gained 38 percent. The gap between the two groups’after-tax income wid- ened slightly more than that, the report said. — Knight Ridder Newspapers 1913 Hercules Corp.builds dynamite plantin 1970 }Jon'M. Huntsman 2° Magna. 1919 Mukuntuweap National Monument - now Zion National Park - designated state's first national park. 1922 Seven Westemstates sign compact Lake City. 1928 Gift funds harness investors’ assets andinterests in philanthropy. year ended in June 1998, makingit the third-largest U.S, charity. Vanguard Group started the V Charitable Endowment Program in 1998 and this year Charles Schwab & ee started are ey iihviguale a responsive chord,” says Robert er, director of theManagement iter, a San Francisco consultant. funds capitalize on a growing re among donors to take charge of their giving. Individuals can donate assets to a gift fund, get a tax deduction for the current year, and holding company. Technologies Inc,. builds plant westof BrighamCity after winning contract to makethe first stage ofthe missile. Construction begins on Hill Field, later a Gift ofGab ‘weave a good yarn holdte ight, and thatisa ee erful career asset for workers who are trying to grab greatervisibility, Equally valuableis the ability to ity to hold the floor.Ifthose skills don't come naturally,it's smart to work on developing them. Susan , @ business communica- 1993 New Orieans Jazz moveto Salt Lake The Huntsman family makesfirst pledge to whatwill become the Huntsman CancerInstitute. 1995 Salt Lake City wins bid for 2002 Winter Olympics. 1939 First ski lift at Alta begins operation. 1944 U.S. Steel Corp. completes Geneva ‘Alan Ashton and Bruce Bastian start 1989 precursor of WordPerfect Corp. Zions Bancorp andFirst Sou Corp. agree to merge. steelmill. Sources: Janell Brimhall, Utah State Historical Society; Dean May, University of Utah; Thomas Alexander, Brigham Young University and Hoover's Inc. Research by Guy Boulton / The Salt Lake Tribune! A century ofhard work lifted Utahfrom an economic backwater to a'state. . . Poised for the Future a butbenefits pleat me than agencies’ fal erescat fines.Wits eee eeeee tae f for last es Safety and Health Administratio — Louisville Courier Journal * Utah thanleavethestate. 1979 Skaggs Drug Centers buys American Stores, first in a string of acquisitions thatlast until the early 1990s. named Hill Air Force Base. — The Wall Street Journal eePre by the apebl ofMichi- Start of seven-year period in which ~ state's population soars from net inmigration. From 1991 through 1997, an estimated 123,000 more people move to ‘supplements and other products using ‘so-called multileveldistribution systems - making Utah County a centerfor the vitamin and supplementindustry. City. 1938 = 1991 imitators that also sell nutritional makerof fue! for Minuteman missile; Thiokol Chemical Co., now Cordant George Eccles Ray Noorda(left) and a colleague founded in Provo, spawning a slew of Security Comp., a multi-state bank Assets stay underthe gift func of 68.6 out of 100, below the typical corporate score of 73 in the survey Nature's Sunshine ProductsInc. 1958 wing, earning fees for the taveetiaelt TheInternal RevenueService finished in a tie for last place in thefirst survey of “customersatisfaction” with federal services. Overall, the federal governmentreceived a rating 1972 maker of disposable medical devices, Hercules enters aerospace industry as then recommend causes to Soar Fed Up With the Feds Deseret Pharmaceutical Co., state's first founded. Marriner and ‘The seven-year-old Fidelity Invest- ments Charitable Gift Fundlo; $571.9 million in contributions for the Huntsman Corp., now world's largest privately held chemical company. Sperry Rand Corp. opensfactory in Salt allocating water from Colorado River. a Gift Funds’ Growth ‘founds Huntsman Container Corp., precursorof Editor’s Note: This is thefirst ofa changed the pastContry. cd e century. Today's installment focuses on the Utah economy.Next week's story will explore the nation’s economy. BY STEVEN OBERBECK ‘THE SALT LAKE TRIBUNE ‘Utah entered the economic! century as a iter and exits among the nation’s tops eyforming (oy states. Say the turn of the canting;‘Utah wi ited geographically*aed eeonomical weSoumpercia activity was centered ind mining and vette state's rol'tn the titiGnal econ. ‘omyas a supplier offood, copper, gold and other raw materials — was not ofa country in the cw PRET global economytoday. Prosperity was slow in coming. “Utah was basically in a recession for muchofthefirst half of the century,” said Dean May, a University of Utah history professor. Prices for the raw materials supplied state away from its strict reliance on agriculture and natural resources toward a more modern market economyalready were at work. Young's dream ofself-sufficiency had proven unrealistic in an increasingly complex and industrialized world. Utahns gradually embraced a commer- to the nation’s industrial centers in the Northeast fluctuated wildly, leading to cial economy that demanded access to ‘banks, retail outiets and modern cycles of boom and bust,‘that services. becomea hallmarkof the Western my. And Utah, a desert, was an agricul- By 1910, more than 12)000 Utahns tural state not well suited for worked in ri and’ wholesaling in anma Brigham Young uttered the the state, a erentneniberever 1890. words “This is the place” and led his peo- The numbe:aroeaneaoeal Jobs ple into fheSalt Lake Valley in 1847, he eaibded inca creasing600 percent between communityof homegrown, cpopetative family farms. By 1900, Brigham Younghad been dead for 23 years and the forces driving the and eye le ge historian eee ose increases were far greater on herincreas in popula- “At the beginning ofthe 20th cent Utah’s economy was starting to resemble the national economy and those of the Western states,” said Thomas Alexander, a historian at Brigham Young University. Yet small farms averaging less than 50 acres still supported nearly 40 percent of the state’s population. And like a Third World country, Utah needed hard currency. Sugar beets became the best-paying cash crop. “Manyfarmers used their best irrigated land for sugar beets,” Alex- andersaid. The dairy industry of northern Utah was launched in thelate 1890s and early 20th century. The Sego Milk Co., an evaporative milk plant, was opened in See UTAH,Page E8 tion, hewsaid. Father’ of Y2K BugTried to Stop Glitches Will Disrupt!NotEnd Life BYPHIL WAGA — ~~ ~ - 1 Power-grid workers on edge ~~ E4 WESTCHESTER JOURN JOURNAL NEWS DALLAS — If a meltdown of the world’s technologies ignites Armageddon at the stroke of Jan. 1, or if your blender sputters, think about Robert Bemer, the father of Y2K. He developed, while working for IBM Corp., a feature for computer language in the 1950s that allowed programmers to use either a two-digit or four-digit field to record years. ‘To save money and computerspace — Lire pel | impassioned objections a two-digit field was Sea cartd that incdavo wil aed ne beeatn a boges ‘computers don't erroneously read the year 2000 as 1900 deserveanyofit,” he said. Bemer said he doubts that he faces any great harm,but he is nottaking any chances. A year ago he moved with his wife to a secluded home in Texas. The place is outside! a town with less than 500 residents, and 100 miles from Dqllas. The nearesttraffic lightis 14 miles away, “T just don’t want kooks bothering me,” he sald. “It’s. a natural phenomenon thatpeople lash out at anyone think 1s responsible for a problem, and they may think ifs me with Y2K.” ean Boston-based economicresearch However, ioeed cpl beef dade and coolyihs ng to hayhavetd a ‘andigt he developed the technology, he the late 1950s through most of the after another, ~ everyone else. United for a Fair Economy, a RE betweenthe richest Americans and hag \ |
