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Show -- alt AP Hotel Utah Shows Profit In 64, Officers Report The Salt Lake Tribune, Tuesday, May 11, 1965 24 Finance tpilmiw Chicago Daily News New York Times UPI Markets Chicago Tribune-rNe- Hotel Utah showed a 1964 net curity Corp., was elected to the profit after taxes of $56,024.78, board. Gus P. Backman was stockholders were told Monday reelected president; William H. York News w at their annual Today in Business World m" Outfit Spuds In on E. Nevada Site Pen-- , ley, which produce from tertiary :said a refinery probably will be RENO, NEV. (AP) built in the area if a daily res- .nington Asso. announced bmla scheduled!' 2 ; Pennington No. is day that a saaond oil wall day Suar'n,"d' 1P .being, attempted in Kailmd in the venture point 1,330 feet south of the first! Major partners .VaJ!eyo,soutbwesi.cfEJyv . .,aro P4tmington...and his.soay.VyiiThe first Pennington well has jliam K. Pennington They also Detective Work jare major pwners of Western been tested at more than 1,000 San Oil Lands, Inc, which holds the former a Pennington, comwas it a since barrels day Francisco private detective, leases. pleted the first of. the yer. Ancient Oils Mon-zone- s. j J ' - . William V. Pennington, said the group plans a Reno, mfllion-dolla- r drilling program... confi-ceit will discover oil in paleozoic zones for the first time in Nevada. The firm said oil from Pennington N. 1 appears to have marine life origin, unlike oil from previous wells in the val- - g Shale Oil operations project this at least five to 10 years or more away as an important energy source, he said. The total barrels in place of our bituminous sand deposits almost equals the presently known national reserve estimate, Mr. Meyer said. domain Shale oil is much discussed MST&T Seeks Okeli and there is no dispute over the vast reserves. But the extrac- Of New Sale tion problems, economics, lack Mountain States in the formation of permeability Telephone and the restrictions on public and Telegraph Co. has filed a statement with the Securities and Exchange Commission Stock NOW IN SALT LAKE! conv.nitnt with South 5th Et. officti it Comploto, Frank E. Barnett and A. C. Ritter, from left, standing; Lee S. Osborne and Edd H. Bailey, Market Swings, Ends Lower On Slow Day seated, from left, discuss merger proposal between Union Pacific and Rock Island Railroad. U.P. Hopes for ICC Vote On Merger Bid in 1967 seeking registration of 4, 934, ,453 New York Times Service shares of common stock to be The stock NEW YORK to stockholders, offered the in another wishy-wash- y market put company announced Monday. performance Monday, The shares will be offered at with a few more definishing of new one share for the rate advances. than clines each nine shares held on June 4. The market was up a bit in The price, yet to be fixed by the driftboard of directors, is expected, the morning, but stocks ed lower in late trading. The to be slightly below the market volume slipped to 5,600,000 price, the company said. The down from 5,820,000 on will to expire shares, rights purchase Friday. 30. June RCA, which led the active list, was perhaps typical of the days action. It set a historic high of 3712 an(j then fell under profit-takinending at on 137,700 shares. up 37, On the American Stock Exchange, National Video dominated trading. Most other issues lost . ground in active trading. Of the 841 issues trad- 150 Con-- 1 Homo, Commercial, trvction and Farm and Ranch loam. Fait service. THE GEER Continuation of a contract with M. G. Erickson Plumbing and Heating Co. to install new water lines and a contract with Aired A. Lippold to continue painting and reconditioning of exterior of the hotel was announced and approved. Mr. Backman reported on contracts for completion of enclosing stairwells, installing fire doors and fire exit directional signs. The stockholders approved the report on past expenditures for underground parking expansion,' building a canopy from Soiith Temple to the garage, modernizing of main floor garage fa- and surfacing of a park- ing area north qf the hotel. All projects have been completed, Mr. Backman said. The Union Pacific Railroad merger will be submitted to the foresees a decision by the Inter- ICC by early fall for hearings. We believe we have a very state Commerce Commission of chance of consummating its merger proposal with Rock good the merger in light of past deciIsland Railroad possibly in 1967 sions said Mr by the ICC, Edd H. Bailey, UP president, Bailey.,- Also accompanying the said Monday. company president were Lee S. Mr. Bailey, accompanied by Osborne, Los Angeles, chief exe- other U.P. officials, was in Salt cutive officer, natural resources Lake City for the annual stock- - division, and A. C. Ritter, Oma- Earning Hike holders meeting Tuesday at the' ha, chief executive officer,, During 1964, an adjustment of .Hotel Utah. A final merger pro-liadivision. $19,273 in prior taxes was made, to be is approved. posal union Pacific last year posted Backman said. Payment of an high in freight reve- - $60,000 in dividends in i964 gave! Deposit Stock nue, about 461 million dollars. the company an increase of $15,-- ; Holders of 80 per cent of Rock 1Q h 000 in retained f P ? , earnings, he Island stock who have approved revenue has 20 mil- - said. the UPs merger terms have ll0n rinll,rs MS JL.pr rpv President David O. McKay of deposited the stock pending the enue has declined by six million the Church of Jesus Chrjst of ICCs decision. to about 24 million dollars aip! Latter-daSaints was reelected However, beginning in June, chairman of the board. His trading of the 80 per cent share Leveling Off counselors, Hugh B. Brown and in the form of certificates of N. Eldon Tanner, were reelected ed, 320 declined and 288 addeposit will begin on the New vice chairmen. vanced. Volume rose to 2,300,-00- 0 York and Midwest stock exDr. William F. Edwards, exe- shares from 2,010,000 Fri- changes during the interim bevice president, First Se cutive ICC an on continued fore decision, explained marking day. freight We Video, which Frank E. Barnett, New York gain and passenger loss. makes color television tubes, hope so. He added that consolidation of rocketed ahead 7 points to 614 on 101,500 shares. passenger operations where feasible likely will continue in light of insufficient passenger volume, cut sharply by automobile Special to The Tribune travel. HOT SPRINGS, Mr. Osborne pointed out the cott Copper Corp.s president, r.aiIroadJhf?.An.!iS!,!a.tl"? Frank R Milliken. predicted, various mineral investments for here Monday that the annual funds of the from application Tribune Washington Bureau ceived stabilization payments 1963 sae 0f 0ji interests in the Free World copper capacity, should reach more than six milfour-yea- r WASHINGTON- -A totaling $269,122.56. These pay Rangely, Colo., field. lion tons by 1970. ments e from have of the federal extension of ranged subsidy Investigation to $51.38. Speaking before the Copper program for small lead and fluorspar deposits in California, It is true that this kind of Idaho, Utah and Nevada is pro- Development Assn., Inc., Mr. zinc mines was voted Monday support for the mining industry ceeding in an attempt to stimu- Milliken said preliminary fiby a House subcommittee. The action followed hearings is not sufficient to keep it alive late traffic. gures from the American Bureau of Metal Statistics indicate before the mining subcommittee and we have not depended upon Not Considering Free World primary production at which one of the witnesses in it." said Mr. King. With Area The is not considering last year was slightly less than railroad Administration support of the measure was Redevelopment million tons. funds and private capital, the investment in recreation facili- 4 Rep. David S. King Sun Valley, Rep. King said that in Utah 24 people in the mining country in ties, such as Idahos sold by UP last year producers of less than 1,500 tons my state are diversifying by de-- a which was offiyear of lead or zinc had re- - veloping the recreational and at a million dollar profit, cials said. scenic features of their areas. The transportation of coal is Wool Market increasing and will likerapidly NEW YORK (API Wool future wort to do so for some continue (m-3- ) ly Wool were tops futures irrtgulir Monday. quiet. time with the demand for fuel in Prices were Irreeular et the Australian wool auctions. steam generation of power, Mr. 100 Ft. By 25 Ft. Wool futures closed .4 of a cent lower Osborne predicted. Bituminous to .4 higher. May 114.2, July 119.0 December 121.2B March 121. 3, May coal increased its percentage of July 120.26 October 119.5B. $7000 or Will Build Certificated wool spot 116.5N. Utah statute prohibits licensed overall freight commodities car-- ; Wool No tops futures closed quiet. brokers real estate from split- ried by UP last year. sales. CALL MR. WEMFR Certificated spot wool tops 161. 5N. with ting sales commissions Helps Freeport CR DA 1 605 anyone unlicensed as a real esCash Grdin Mr. Bailey said the railroad tate broker or salesman, Atty. CHICAGO (AP) Wheat No t hard Gen. Phil L7 Hansen advised. was encouraged by Utahs pas1.30N; NO J red 1.4SN. In an opinion for John W. sage of freeport legislation, Com No 2 yellow L37V. Oats No 2 heavy white 75 tN; No 2 exAirsman, acting director, real agreeing that the legislation is tra heavy white 76ViN. Soybeans No yellow 1.86WN. Soybean estate division, State Depart- ideally suited for expansion of all 10.B2N. ment of Business Regulation, freight activities by the railroad YOUR Mr. Hansen said there is no im- in the state. pediment to a flat fee for such & INDIVIDUAL ESCORTED - low-co- lt r tional seating capacity for 200 persons. Approved was the retaining of Clark Learning Designs for Business as consultant for the Lafayette Ballroom renovation and a contract with Edward Fernley of ZCMIs decorating department as consultant and designer for guest rooms and halls. Water Lines Bright Hope It is my thesis that production from bituminious sands in Utahs bright and shiny hope for future oil production, he said. "It could be the East Texas of tomorrow. secretary-treasure- for renovating the lobby, mezzanine, Junior Ballroom and Lafayette Ballroom. This renovation phase includes removal of the wall between the two ballrooms to provide addi- Expert Paints Utah Oil Picture The time for recovery of oil from bituminous sands has arrived and Utahs deposits are being recognized as oil fields of the immediate future without the risks and costs of of wildcat-tinand deep drilling, Daniel H. Meyer, Salt Lake petroleum and mining consultant, said Monday. Speaking at the weekly meeting of the Intermountain Asso. ciation of Petroleum Geologists, Mr. Meyer said Utah's deposits are providently located near substantial available water for thermal recovery methods. Clawson, They and Henry N. AlOia, manager, glso were given a report on pro-o- f of the Utah Hotel Co. m esttmated Atair executive nice tin gftri- lowing the stockholder session,' renovation. B. Isaacson, assistant to Officers of the hotel corpora- Thorpe the LDS Council of the Twelve tion were reelected. StockholdApostles, was elected to the exeers approved a report of Gus P. cutive committee. Mr. Backman Backman, president, on the ho- was reelected as chairman; with tel expansion and renovation Orval W. Adams, chairman of the board, Zions First National being done ever about 1 years. Bank; Ben E. Lewis, vice presi364 Rooms dent, Brigham Young UniversiMr. Backman said the remo- - ty; Jaren L. Jones, Salt Lake W. Simmons, deling and refurbishing of 364 attorney, and Roy rooms is still under way. He re- - president. Zions First National ported on a budget of $200,000 Bank, reelected as members. meeting. r. jjj-M- j e - . Jk, y National the new, dollar-savin- g plan for car or truck leasing. KCCs President Predicts Growth House Panel yotes Aid Bill For Lead and Zinc Mines $47,-865.- makes an axcallant laasa car. 1965 Luxury Chavroltt Impafa Sport Coup it on a GtER EQUITY LEASE PLAN for only $63.90 a month, which includt , Powar-GlidsPowar Staaring. Whits Sidswall Tirat, Radio, Hsatsr and talas tax. 36 months latar, on lasts termination, our conssrvattva attimats would ba that you would hava an Equity on this car of from $150.00 to $300.00. This would ba raturnad to you in full, at a rantal rabata. or applisd In full to your purchata. Th Lasts low-grad- ). OTHER MONTHLY RATES OF SIMILARLY EQUIPPED 196S MODELS Hardtop $63.90 Hardtop $62.50; Ford Galaxs 500 Pontiac Grand Prix Hardtop $$4.90 V4 Ton Pickup with Haatar and Bumpar $51.90 Chsvrolst or Ford j Ford Mustang INDUSTRIAL THESE ARE SOME OF THE MAJOR BENEFITS THAT t PROVIDE THE LEAST COSTLY WAY OF LEASING AND ALSO FEATURE THE UTM0ST FREEDOM, FLEXIBILITY AND CONVENIENCE. Drive and service the vehicfe as 120-5- If 1 Unrestricted freedom of operation. 2 3 Extreme flexibility in lease termination, should your circumstances to an obligation. change. You are not locked-i- you owned it. !. WMEEK3 2-- n T this equity on lease termination as your choice of either rental rebates in cash or applied to purchase. You build an equity with your monthly payments. You realize CHILDREN COLLEGE... Orient Europe South World's Fob Conodion Focific South Rockies Mexico Amoricq Alotko Hawaii Middle East. check the BUSINESSMANS approach TODAY BOOK will you be ready financially? you aro setting aside a part of your income for your children's education) If NOW JACK THOMAS TKAVtl SERVICI Nowhouee Hotel Lobby Phono 32S.9S0) BIGIPLUS in Automotive Leasing GEERl EQUITY LEASE PLAN The 3 Concept of GEER LEASING CO. j Send For New, FREE Pamphlet firm name:2 YOUR NAM El. 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