Show r r - r V V r y r r v V S r v f y ”v r Morning — October II I Nctiun The Richest of Rich in America: Market Crash Realigns Fortunes Mariann Capnno AP Business riter t NEW V'ORK — The crash realigned the fortunes of the nation's wealthiest but they are still extremely rich Forbes magazine savs its annual survey found the 400 wealthiest Americans had a total worth of about $220 billion at midyear enough to wipe out the governments budget deficit or nearly enough to support the entire U S military which spent $287 billion in 1987 Last year's Oct 19 financial market debacle reduced the fortunes of many of the ultra affluent 400 and caused 22 former members to be dropped from the list because their fortunes slipped below Forbes $225 million cutoff Still the average fortune on the By V stock-marke- list comes to $551 million up $1 mil lion from last year The list appears in the Oc t 24 edi tion of Forties and is based on hold ings as of Aug 30 Sam Walton 70 easily held the No 1 spot for the fourth year in a row even though his net worth shrank by a whopping $2 billion fol lowing the crash By Forbes estimates of worldwide wealth Walton rates fifth behind Japan s Yosluaki Tsutsumi $18 9 billion Taikirhiro Mori $18 billion and Haruhiko Yoshimoto $7 8 billion and Canada s Kenneth Cole Irving $8 billion The number of American billionaires nearly doubled in 1987 but Forbes' current list has only two additional billionaire spots bringing the total to 51 Japan has the second- - aiies with 34 Runner up to Walton on the bil honuire list is John Werner Kluge the German born head of Metromedia Co with a net worth of $3 2 billion Next in line are 11 Boss Perot the founder of Hectronic Data Systems who wants to ostrhaul the nation s postal system with $3 billion publishers Samuel I Jr and Donald Newhouse $2 6 billion each and Pitts burgh industrialist Hillman $2 5 billion Underscoring the adage that the more you have the more you can lose billionaires were among those hit hard by the crash Among the big losers were David Packard founder of Hewlett Packard media magnate Keith Rupert Murdoch Forbes Lists Utah as the Home Of 2 U d Big Wheels $500 Denver Gates Corp 67 151 Bob John Magness $435 Englewood cable TV 64 Idaho 157 John Richard Simplot $400 Boise potatoes 79 197 Joseph Albert Albertson $370 Boise Albertson's 82 Nevada 23 Forrest Edward Mars Sr $1 300 Las Vegas candy 84 44 Donald Worthington Reynolds $1 000 Las Vegas publishing 82 315 William Gordon Bennett $270 Las Vegas Circus Circus Enterprises 63 New Mexico 241 Robert Orville Anderson $240 Roswell oil 71 Wyoming None But otherwise stoi ks showed little life in a quiet holidav ses sum Dow Jones average of 30 big name stocks climbed 8 71 to 2 158 96 surpassing the ptevi-oupost crash closing (leak of 2 158 61 it reached on July 5 Declining issues slightly outnumbered advances however in nationwide trading of New York Stock Exchange-listestocks Volume on the floor of the Big Board came to 124 66 million shares down from 216 39 mil lion in the previous session Stocks had trouble extending Friday s strong rally in the absence of many investors who were taking Columbus Day off The market for government securities which sets the tone for interest rates did not operate Monday Still analysts said traders were heartened by the news late last week of employment growth in September Best Products led the active list up 6‘h at 267 s smaller-than-ex-pecte- films consolidated debt nt c s Ana hsts had estimated the division ould bung up to 17 billion and 7 en neco said Monduv it expects the ag gregcte gtoss proceeds fiom the sale to exceed $7 3 bill ic n rentiecn cat tier divided the Tenneco Oil properties into eight exploration and pi oduc turn sections — five domestic and time foreign Ma crum indicated no single huvci pm chased most of the propel ties c Jr Saudi Oil Quota Drives Up Prices NEW YORK (Al’i — Oil futures Monday continuing a r lows rebound from the reached last week as Saudi Arabia reaffiiined it would stick to its pro duction quota if othei members of ol’EO did Trading was verv active analvsts said driven bv speculation that the lat st statement fiom the Saudis the woilds hugest oil exporter would prove persuasive to other members of the Organization of Peti oleum Exporting Countries and result in re ductions in production that could boost prices On the New York Mercantile Exchange the November contract for West Texas Intermediate climbed 66 cents to settle at $13 60 a barrel At one point during the day s trading the contract traded as high as $13 80 puces surged 1 two-yea- a IV barrel a e NEW YORK (AP) — Here are the wealthiest Americans as listed by Forbes magazine in descending order of wealth showing estimated fortune in millions residence source of wealth and age t Stores 70 Sam Moore Walton $6700 Bentonville Ark John Werner Kluge $3 200 Charlottesville Va Metromedia 75 Henry Ross Perot $3 000 Dallas Electronic Data Systems 58 Donald Edward Newhouse $2 600 New York publishing 59 Samuel Irving Newhouse Jr $2 600 New York publishing 60 Henry Lea Hillman $2500 Pittsburgh industrialist 69 Lester Crown $2300 Wilmette 111 inheritance (investments) 63 8 Anne Cox Chambers $2 250 Atlanta inherited (Cox Enterprises) 68 8 Barbara Cox Anthony $2 250 Honolulu inherited (Cox pnter ) 65 10 Warren Edward Buffett $2 200 Omaha Neb stock market 58 10 Jay Arthur Pntzker $2 200 Chicago financier 66 10 Robert Alan Pntzker $2 200 Chicago financier 62 13 David Packard $2 000 Los Altos Hills Calif Hewlett-Packar76 14 Donald Leroy Bren $1 850 Newport Beach Calif real estate 56 14 Adolph Alfred Taubman $1 850 Bloomfield Mich real estate 64 16 Harry Brakmann Helmsley $1 700 New York real estate 78 17 Ted Arison $1 600 Miami Beach Fla cruise ships 64 17 Robeit Muse Bass $1 600 Fort Worth Texas oil 40 17 Marvin Harold Davis $1 600 Beverly Hills Calif oil 63 20 Samuel Jayson LeFrak $1 500 New York real estate 70 Wal-Mar- Free Checking Is Priceless Use Your Key! - Some of the best things in life are free That includes Key Choice Checking from Key Bank It’s the plan that’s totally free with one-of-a-ki- and Carl $750 million Stores Lindner II $950 million William Henry Gates III who dropped out of Harvard and founded the Microsoft software company bilremained the youngest lionaire at age 32 His net worth is estimated at $1 1 billion The oldest person on the list is Mansfield Freeman who holds a stake in American International Group With a fortune of $240 million he made the list for the first time at age 93 Edmund McGrath 100 Wool Slacks Z Systems Dy ProTel 485-110- (3Q-7- T like free Checking is priceless at Key Bank Check it out L pm' Member IDIL focus pbx 7 Toll Free in 3 any Sport Coat Purchase good enough they even pay for your first order of 200 checks and you can use any Plus System® cash machine in the USA as often as you 2bank INTER-TE- checking a minimum balance nd of just SI 00 Imagine S100 frees you from checking fees and per check charges And if that isn’t self-mad- e d s20°° day licit !(N it'Pli — 'I emu eo Inc has rc allied agreements to sell sub stuntiulh all sc gments ot its 'I ennec o Oil Co subsidiaiv for more than $7 3 billion the company said Monday Chevron Corp said it would buy Tenneco s Gulf of Mexico oil and natural gas reserves piuductum fa Clhtlcs and leasehold lllteiestx for about $2 6 billion Maverick ’lexas oilman T Boone Pickens Mesa Limited Ihutnership agieed to pun base lemueos Mid Continent division for $715 million in cash and Seagull Fnetgv Cmp bought several Tenneco pioperties for $56 2 million Tenneco refused to disclose the number of purchasers the names of the companies involved or how muc h they paid for the eight segments of feied for sale We will not issue any specifics on the tuners" said Tenneco spokes man Joseph Maciuin Once thev have announced we will confirm Those they are indeed a Inner companies have disclosure requite ments and we cannot disclose this information for another companv Macrum also would not av whether any of the purchasers were foreign companies although Tenneco earlier said some international firms had expressed interest in some of the properties Tenneco announced in May it would sell the division with proceeds being used to reduce the par- - y What Are Wealthiest Worth? Here Is Forbes’ List of Top 20 Reg $70 00 retailer Leslie and Wexner each of whom suffered losses of up to 50 percent of their fortunes Murdoch was on a record money-makinpace in 1987 trebling his net worth to $2 1 billion before the crash But his fortune dwindled to $1 2 billion following Black Monday relegating him to 35th place on the Forbes list instead of 8th Fox Broadcasting which he is trying to build into a fourth national broadcasting network is expected to lose $80 million this year Seven new names joined the elite billionaire club Entering the fold was flamboyant New York real estate developer Donald Trump who claims'a net worth of $3 47 billion though Forbes' estimate is in the $1 billion range Joining Trump are — Sumner Murray Redstone who boosted his balance sheet with the takeover of Viacom $14 billion — Press-shCharles Feeney who runs Duty-FreShoppers at airports $13 billion — Charles Sammons head of the privately held Sammons Enterprises the nation s 1 5th largest cable TV' operator $13 billion — Charles de Ganahl Koch and David Hamilton Koch brothers involved in oil services $1 1 billion each — Ronald O Perelman takeover strategist and head of Revlon $1 billion Four businessmen returned to the ' lowlvranks of multimillionaire when their fortunes sank below $1 billion Laurence and Robert Tisch of Loews Corp each estimated at $850 million Milton Petrie the philanthropist and head of Petrie g dI-IIeelc- NEW YORK (AP) — Here is a list of Intermountain Area residents who are among the Forbes magazine s 400 richest Americans with their ranking wealth in millions residence source of wealth and age Utah 205 James LeVoy Sorenson $360 Salt Lake City owner of Sorensen Enterprises Inc (medical technology and testing) 67 266 L S "Sam" Skaggs Jr $310 Salt Lake City chairman of the board of Irvine Calif based American Stores Co (food and drug retailer) 65 Arizona None Colorado 36 Philip Frederick Anschutz $1100 Denver oil 48 112 Charles Cassius Gates Henry Lea NEW YORK P) — Suit tercel buvmg of blue (hips lifted the Dow Jones average to a new high since the October 1987 crash in the stoi k market Mon- 1 Will Split Up Oil Subsidiary Post-Cras- h highest number of identified billion Ihigc Tenneco in 87 Billion Sale Chips Are Up: High for Dow I) 1988 Utah Excellent Colors 100 Worsted Wool Pleat & Plain Front 3r OMMEMrPAT'E FREE A Th M N MlM CtAM A ills Utah VIMen FINE Purchase can bank on us for high returns on your savings dollars - some of the highest in the nation! 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