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Show Walters New Manager Of Geneva Accounting Raymond F. Walters of Provo has been named manager of accounting for Geneva Works and Western Mines of United States Steel, it was announced by C, A. Headlee, vice president of accounting, steel and raw materials, U.S.Steel, Pittsburgh, Pa. The new position combines the responsibilities held by the managerof accounting for Geneva Works, Norman B. Creer, who retires this month, with those held by Mr. Walters, who has served as manager of accounting for U.S. Steel’s Western Mines since 1966. Mr,Walters, a native of Price, Utah, began his career with the Columbia-Geneva Works accounting departmentin 1944 as a senior clerk “*C’ In 1955, Mr. Walters transferred to the Columbia-San Francisco accounting offices as cost analyst-cost systems. In 1962, Mr. Waltersreturned to Geneva Works as cost supervisor-Utah operations. His next appointment came in 1966 when he became managerof accounting-Western Mines. Mr.Walters is a past president (1966) of the Riverside Country Club,Provo, and servedas the Club’s treasurerin 1964 and 1965. He is a memberof the Utah Mining Association and the Provo Rotary Club. Bank Ups Surplus Fund Harold J. Steele, presidentof First Security Bank of Utah, N.A., has announcedrecentaction of the Board of Directors to increase the bank’s surplus accountby $2 million, The increase was effected by a transfer from undivided profits and nowgives the banka total of $14million in capital and $24 million in surplus for a total capital figure of $38 million, First Security Bank of Utah, N.A., had September resources of $590,825,874 and deposits of $479,546,067. The Utah Bank is part of the First Security Corporation system of banks which has total resources in excess of $1 billion. CompanyPosts Dividend A regular quarterlydividend of 20 cents per commonshare of stock was declared by the Board of Directors of Utah-Idaho Sugar Company. T. W. Cockayne, seniorvice president, secretary and treasurer of the sugar firma,said the dividend would be payable on Jan. 29, 1971, to stockholders of record on Jan, 8, 1973, U and I, a major beet sugar processor with factoriesin Washington, Idaho and Utah, has 2,373,000 shares of stock outstanding. Dealer Enjoys‘Fly-In’ Mark Anderson, Anderson Equipmentof Springville, recently flew to Hesston, Kans,for a one-day visit to Hesston Corporation. Anderson toured the manufacturing complex of the farm equipment manufacturing company, viewing production lines turning cut 1971 machinery, including windrowers, StakHand, StakHandler, StakFeeder and other hayhandling equipment, aa) Decentralization In The Retires Merrill E. Gottfredson of Provoretired this week as head chemist at Pacific States Cast Iron Pipe Company here. Mr. Gottfredson says he doesn’t view retirement as a “decline,” but rather as the beginning of his “twilight Meat-Packing Industry WASHINGTON (UPI) —President Nixon has signed legislation tightening federal control over so-called “one bank holding companies.” It was one of the most important pieces of banking legislation since modern banking laws were written during the Depression. A 1956 lawprovided for the Federal Reserve Board to regulate bank holding companies controlling two or more banks. But a loophole allowed banks to form parent corporations around a single bank — “one bank holding companies” —and thus escape federal jurisdiction, As a result of the loophole, one-bank holding companies expanded into manyfields often unrelated to banking. The new law will require the Federal Reserve Board to rule whether a bank can acquire a nonbanking business. Holding companies formed after June 30, 1968, will be able to acquire new companies only if their acquisitions are closely related to banking. Holding companies formed before June 30, 1968, will have their acquisitions examined by the board to determine if the nonbanking assets should be sold. ' Looking back over his life, he recalls that the depression days offered few job opportunities. M. E.GOTTFREDSON So, after training at BYU to become a chemist. he found photography and prospecting — himself faced with other choices mining, carpentry, nursery and have carried himfar afield and have provided the “spice of landscaping. life.” Varied Career In these services he becaine He married Melva Henrie of superintendant of mining, Carbon County and has reared of the Sunny View Nurseryin was no hobby it was serious carpenter foreman and founder four sons, but he says: “This Springville. He held a foremanship in construction of the GenevaSteel Mill and thence moved on to become a chemistin the operational phase, serving there for three years. He then transferred to Pacific States Cast Iron Pipe Plant for a term of 23 yearsto the present ime. As this plant’sfirst full-time whenlarge supplies would force plants that pack only By LEROY POPE UPI Business Writer years.” Banking Bill Signed By President THE HERALD, Provo, Utah—Page 23 Business World business!" prices down. The paid enormously to slaughter now are fattened in huge lots hogs, cattle and sheepall in one often operated by big compamulti-story plant. But today's nies. The Comanche Cattle ystems call for Division of Petro-Lewis Corp. of Denver, _for comple, feeds at His writing hobbyhas led him to the writing of a laboratory manualfor his emaploy er a beef industry’s located on the high plains of only recourse was to slash the Texas, for example, have cut price to the farmers who costs and improved efficiency considered the epitone of raised thecattle. enormously,” said a spokesman American mass production Before World War II, 75 per for the institute. efficiency, will close forever cent of all beef cattle in come Feb, 1 America went directly from Another important trend in The meat packing industry is farms to the big city stock- tneat business is development scattering over the country. It yards, After the war, the of the integrated company that is decentralizing by animals as feedlot industry developed and finds its own cattle, slaughters well as geographically. Onceit almost 80 per cent of ali cattie them, cuts the carcasses into NEWYORK (UPI)—The 105 year Chicago Stockyards, once sheep near the lands they prime parts and distributes them on a regional basis. Typical is Kansas Beef Industries, Ine., founded early this yea which has plants in Guymon and Philadelphia, The and collects cattle from Colorado and 22,000-head A new slockyard is being feedlot near Wichita, It already the American Meat Institute in C wi ago, thi built near Joliet, Ill. to receive is preparing to increase feedlot Also, revolution in the meat industry, about 15,000 hogs and 12,000 capacity to 55,000 head. The histories, geneaologies, which began about 10 years head of cattle of weekly from Philadelphia plant is not autobiographies, poetry, letters ago, has prevented consumer relatively nearby feeding lots to engaged in feeding or slaughto the editor, guest columns and prices fromgoing sky-highin the serve regional packers. tering but cuts up 400 beef feature articles and he plans to This is typical of what has face of an increase in chemist, the testing division carcasses a day and wholesales grewand todayis oneof the best pursue this work in the future. consumption of beef from 80.5 happened in the industry a wide variety of domestic and “Highly efficient one-story imported meats. equipped laboratoriesofits kind Mr. Gottfredson was a charter pounds per capita in 1958 to in the West. He was memberof the Utah Chapter of 110.7 pounds in 1969. Biggest Jump instrumental in planning and American Foundrymen’s Prices of meat have gone up afrangement of their new Society; served on the laboratory and has performed Springville Planning board and anyway because of money technical skills on a broad other civic and church inflation and wage rises but the assignments. His fondest wish is biggest jump took place back in scale. that his many friends “might World War !!. Taking roundMany Hobbies R. C. Gillies, manager of the complete selection of fashion His hobbies — music, writing enjoyas interesting and varied a steak as an example, the price gardening, fishing, hunting, life as I have lived.” jumped from 36.4 cents a pound W. T. Grant Store located at patterns and sewing notions will in1940 to 93.6 cents in 1950 and Riverside Plaza in Provo, Tound out our one-stop sewing s that the store will center.” only 10 cents in the next 17 The “Fabric Fashion’ years. The recent inflation sponsor a month-long “Fashion promotion. promotion is a nationwide event caused it to spurt to $1.32 in Fabric’ in the more than 1,100 Grant Septemberbefore prices slipped He notes’ “We are expanding stores from coast-to-coast. It is about a penny the entire Fabric Department WASHINGTON (UPI) — The administrator of the In the days when most during the period to make room the company’s salute to the vast President Nixon hassigned into Environmental Protection livestock was brought to for truck-load, value-priced and growing number of home law far-reaching antipollution Agency is empowered to grant a Chicago, Omaha, St. Pa? and assortments of today’s most sewers, said Mr. Gillies. Studies reveal that the three legislation which orders the auto one-year extension butafter that Kansas City for slaughter, the wanted fabric we will feature. industry to produce a virtually no new cars could be sold that packing houses bought the Our assortments will include billion dollar home sewing emission free car by 1976. did not meet the new standards animals through commission everything from Polyesters industry is one of the fastest growing in the nation. Today, unless Congress extended the merchants. The commissions and yardage fees, plus rising throughcottons in a full array of one of every four women's and The new law states that the deadline. The industry may apply for freight charges for live animais colors and weaves in solids, children’s garments is made by industry come up with an stripes and prints. We plan to the home sewer, most of whom engine, by Jan. 1, 1975, that will the one-year extension by Jan. 1, were a huge burden,particularmakeavailable items to fit the reduce emissions of carbon~ 1972. There is no doubt that the ly when there was too much needs of all home sewers — from find they can readily suit their own particular fashion tastes monoxide and hydrocarbons by industry will ask for the extra livestock for demand. To the industry this meant the novice to the most and realize a savings by this 90 per cent from the maximum time. Even that is not enough, its experienced seamstress, A means, 1970 permissible levels. spokesmen have contended. costs could go up precisely reports on metalurgical probiems. grazeon. According to W. T. Grant Store Plans Nationwide Fabric Fair Legislation Requires Auto industry to Curb Pollution aMaea a ee OL ae eS FURNITURE FAIR - Dae UL TMU aes FURNITUREFAIR, INC. ee Clawsou Tkeriords ANDHAVING A — GIGANTIC CLOSE-OUT — BLACK NAUGAHYDE SOFA Reg. $225.00 New Vista SPORTABOUT hes. $169.95 RECLINERS 19’ Black & White Portable Model AP225 Gold, black and avocado RCA Trans Vista 100%Solid State SAVE $20.00 COLOR PORTABLE A quality Naugahydecovered recliner at an exceptionally low price! REG S69 88, otis eee snk ee ss 18’ MODEL EP 506 $149" $455” Whirlpool Side-By-Side REFRIGERATOR Bigelow’s CASSANDRA WASHER Reg. $209.95 Red or Green Tweed Reg. Price NOW INSTALLED! Model GM 615 REG. $469.95 — CARPET — CARPET ONLY! *5 45" RCA New Vista -- Reg. $659.95 COLOR CONSOLE Model LWA 5540 2-Speed, 3-Cycle $8.95 Sq. yd. *190” DRYER Electric Model LWE 5500 Reg. $149.95 5-Cycle, 3-Temperciures §50 \d. Model EVD 17J Frost Free White Only Reg. $369.95 Whirlpool Upright FREEZER 738 Lb. Capacity 7 Package Shelves 2. Can Shelves Reg. $349.95 *129” 177 WEST CENTER — PROVO — 373-9554 ver Sets $335” $999” Tae aa ee eeeUt aurea cn aaa eae FURNITURE Meus - FURNITURE FAIR - eee ieenticme ieee Pet lit REEL UNEL trie FENNEL EEE IL EERTIELPUFEDILFERTIL TF ERIDEER IPED TI Phi FAIR - FURNITURE FAIR Peat iba a3 ats - FURNITURE FAIR - FURNITURE FAIR-- UY FAIR:- FURNITURE FAT = Sunday, January 3 97 Chemis? Business News” |