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Show 1 4B The Salt Lake Tribune Saturday October 20, , Volatile Market Closes With Scattered Gains 1984 Heir to Johnson Wax Is Generous Global Businessman And the school will aim to produce leaders who are sensitive to the impact of business on the community, Johnson said. Cornell is free to spend the money as it wishes. "There are no strings attached to tny gift at all, he said. Money was on Johnson's mind when he took a highly unusual leave of absence from the company several years ago to settle his father's estate. Asked what he has accomplished since his return in 1980, he said he had beefed up research and development and introduced new products. When talking about the companys new products, he expresses extra enthusiasm about a new minnowshaped fishing lure that is 80 percent rod liver oil and 20 percent plastic. "I've tried it and it catches fish, he said. Major Task One major task upon his return to the company was turning around its troubled recreational business, which includes scuba diving, camping and fishing equipment. It made $5 million profit on $125 million in sales in the fiscal year ended June 30, he said. He declined to reveal the overall company profit, but said that Johnson Wax's annual sales are $2 billion and that it has a net worth between $400 million and $500 million. Our privacy allows us to be mysterious to our competitors. That's a competive advantage," he said. Being private also has its down- By Cotten Tiniberlake Associated Press Writer NEW YORK Samuel C. Johnson, head of Johnthe son Wax, has a reputation for being generous with his considerable fortune, w hich is estimated at more than fourth-generatio- n million. Indeed, Cornell University planned a formal announcement Friday of a $20 million gift from Johnson to its business school, the largest such donation ever. Just a few weeks ago, the chairman and chief executive officer of S.C. Johnson &i Son Inc., flew about 500 employees from Great Britain to company headquarters in let Racine, Wis., for a $ii()0 Donates Pretax Profit Johnson says his company donates 5 percent of its annual pretax profit to charity. Exactly how much that is isn't known Johnson Wax, one of the nation's leading privately held companies. doesnt disclose financial statements. Johnson Wax. which now employs 12.300 people in 45 countries, makes such consumer products as floor wax, furniture polish, stain remover, air freshners, shampoo and insecticides. It also makes commercial cleaners, specialty chemicals, over-the-count- er drugs and recreational equipment. Why is Johnson, a Cornell and trustee, giving money to that school? Why vard University, where he alumnus so much e lung-tim- not Har- received side. You tend to be a little more conservative. If you want to maintain your privacy, you're not leveraging youself to the nth degree," he said. "We don't run our company for the next month or the next year. We run our company for the next generation," Johnson added. Has 91? Years Left an MBA in 1952? Affections for Cornell "I've been generous to Harvard," he said in an interview at midweek. "My affections have turned to Cornell. At Cornell, we don't have the cobwebs of tradition." The fact that his wife of 30 years, Imogene Powers Johnson, and his two sons and two daughters attended Cornell has something to do with it, too. The Johnson gift is more than Johnson took over the company when he was 38 and has 9 years to go before he retires. His son Curtis, the el- dou-b'- e the previous record donation to a a $10 million Laubusiness school der family gift to the Wharton School at the University of Pennsylvania in dest, has joined the family business, but he isn't marketing consumer products. He has launched a venture capital business with $20 million from Johnson Wax. $2 million from his father and $16 million from independent sources. Is that the best training for the probable future head of Johnson 1983. Johnson's gift is being given in honwho or of his started the family business in 1886. Back then it was a maker of parquet r, flooring. Wax0 Find Niche for School Johnson wants to help the business school, which will be named the Samuel Curtis Johnson School of Management. find a niche. He wants it to be on a par with those at Harvard and Stanford University. "We want to identify and develop entrepreneurship," he said. "My concern is where are the future Johnson Waxes go. g to come from. "Every generation has to bring something new to the enterprise. Hes bringing financial services to the company, Johnson said. It was Johnsons idea years ago to branch into insecticides, now the largest single business for the company, with $200 million in sales overseas and $100 million in the United States. Johnson recalled trying to talk his father into that diversification: "He said, 'Does it have any wax in it? I said, 'No? He said, 'Dont you know everything we sell has wax in it?' I said. It won't help the insecticide, but I'll put wax in it. " Get Into Sunlight He didn't put wax in it. Instead he r came up with the first bug killer. "If they children just follow their father's footseps, they never get out of the shadow. They've got to get into the sunlight," Johnson said. "The second thing we want to focus on is that the world is a global marketplace and the businessman has to work in the global marketplace," Johnson said. He should know: 60 percent of his company's business is overseas. There's more. "Scientists and businessmen are this far apart. Johnson said, stretching his arms wide. Maybe the business school can help scientists and businessmen work together produc- indoor-outdoo- tively. he said. - NEW YORK (AP) The stock market closed out a volatile session with some scattered gains Friday as traders continued to respond to this weeks declines in oil prices. Trading volume was the third largest in New York Stock Exchange history. The Dow Jones average of 30 industrials, up more than 10 points in early trading and down more than 5 late in the session, finished with a .55 gain at 1,225.93. Thanks mostly to a 29.49 jump on Thursday, the average wound up with a 35.23-poiadvance for the week. Board volume reached 186.90 Big million shares, up from 149.54 million in the previous session. The record of 236.57 million was set Aug. 3. e Reductions As Norway, Britain and then Nigereductions ria announced this week, analysts concluded that the U.S. economy stood to gain many benefits from lower fuel and petrochemical-products prices. Meanwhile, a pair of news developments overnight reinforced hopes that interest rates would keep falling. After the stock market closed Thursday, the Federal Reserve reported an unexpected $2.9 billion drop in the basic measure of the money supply. On Friday morning, the The Market In Brief New York Stock Exchange October 19, 1984 VOLUME UP 1080 186,900,000 0 SHARES 0 UNCHANGED a 367 DOWN 617 Oil-Pric- ments with more cuts, or manage to stave off that possibility by reducing production. Energy stocks, which had a turbulent week, generally showed further losses in Fridays trading. Exxon fell 1 to 41 vs on volume of more than 2.2 million shares. Standard Oil of Indiana dropped to 5544; Texaco 4s to 34 is and Chevron Vs to 32. However, Mobil rose 42 oil-pri- Press Loserphoto Assorloteo Samuel C. Johnson, the fourth generation head of Johnson Wax, has a reputation for being generous with his fortune. Third Quarter Bancorporation Lists Gain Utah Bancorporation, Salt Lake d mullibank holding company, had increased earnings in both the h third quarter and period on unaudited basis, Fred H. Stringham, president, annnounced. Third quarter net income was $2,501,000, up 8 percent over $1,385,000 reported in the year-agquarter. Per share earnings were 64 cents down from 73 cents because of dilution from a public offering in City-base- nine-mont- o April. Net income for nine months, was up 7 percent, over the for the year-agperiod. $4,467,000, $4,175,000 o Per share earnings were $2.09 down from $2.22 due to dilution. Weighted average shares outstanding in the nine month period were up 24 percent to 2,138,257 compared to 1,878,405 shares in the year-ag- o period. Total unaudited assets as of Sept. 30 were $725,564,000, up 19 percent over $610,469,000 in the year-ag- o period. Utah Bancorporation's principal affiliate is Valley Bank & Trust Co., Salt Lake City. Corporate business in addition to banks include mortgage, thrift and leasing operations. American Savings Is Expected To Offer Discount Brokerage American Savings & Loan, Salt Lake City, is expected the announce next week it will offer discount broker services through Prudential-Bach- e Securities, joining other firms who have mounted such programs in the past year. Under deregulation, financial institutions have in the name of competition, enlarged offerings of services that were prohibited to them by laws passed in the 1930s. Discount brokerages offer up to 70 percent savings on commissions over traditional securities houses since no research or advice is Commercial Security Bank, Salt Lake City, began offering discount brokerage services to customers through Fidelity GroupInstitutional Services in November. Valley Bank and Trust Co. has been offering discount brokerage services through Security Pacific Discount Brokers Inc. since March. of Utah, N. A., services in May First Security Bank began discount through First Security Discount brokerage, a subsidiary of the parent First Security Corp. American Savings, with $2.5 billion in assets, operates in three states. Appointments and Promotions For 4 With American Stores American Stores has appointed a corporate controller and an assistant general counsel and promoted tw o officers of subsidiary companies. The appointees are John L. Benner to vice president and controller and Frederick P. McBrier to senior vice president and assistant general counsel. Jerry M. Hosier was promoted to of vice president and controller to Inc. Beck and Teresa Co., Skaggs vice president and controller of Alpha Beta Co. Mr. Benner previously served as vice president and controller of Jewel Companies Inc., Chicago-base- d food and drug chain recently purchased by American Stores. A certified public accountant.Mr. Benner earned a master's of business administration degree from Washington University in St. Louis, Mo. Mr. McBrier previously served as senior vice president and counsel to American Stores Properites Inc., a subsidiary of American Stores Co. He received his bachelors of arts degree from Tulane University. 1 , to 28. Financial-service- s issues, strong gainers in early trading as the markets showed new life, were mixed by to the close. First Boston rose 1 to but l4 Hutton E.F. 3244, and 52, Merrill Lynch fell ll4 to 3044, and Commerce Department revised downward its figure for economic growth in the third quarter of the year. But as the session passed, some traders evidently decided to cash in profits from the markets advance while they awaited Sunday nights second debate between President Reagan and Walter Mondale. Uncertainty Remained In addition, uncertainty remained over whether the Organization of Petroleum Exporting Countries would respond to the latest pricing develop- - Phibro-Salomo- at 32. 500-sto- Youll Like ! Both Sides Of This Home Financing Coin New I Homeowners Key From Citicorp Person-to-Perso- 9.25 The future of was down 4s n Standard & Poors index of 400 industrials fell 0.13 to 188.33, and S&Ps composite index was off 0.14 at 167.96. The NASDAQ composite index for market climbed the 1.42 to 251.18. 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