| OCR Text |
Show Completion of Snowbird Is Next Peak for Bass By Robert H Woody Tribune Business Editor What next after climbing Mount Everest as the finale to being on top of the highest peaks on each of the seven continents? The completion of Snowbird Resort. owner Richard D. Bass told the monthly Business Roundtable of the University of Utahs College of Business Thursday. He said the climbs, made over four years, were an exercise in physical and spiritual fulfillment and, in retrospect, proved to be Gods way to get me ready for Snowbird." The Seven Summits odyssey began four years ago with the ascent Mount McKinley in of20, response to a challenge from Snowbird safety patrol chief Marty Hoey, later killed in a climbing accident. Unprepared physically, Mr. Bass voided pain and exhaustion during trek by reciting, in mantra the a poem dealing with enKipling style, durance Mr Bass, W, showed slides as he discussed the joys and pains, amusements and disappointments of his treks, undertaken as a man whose first half century of life was dominated by "musts and have tos and who is now indulging himself, in his second half century, with some "want tos." Mr. Basss brief recitation of the costs of the Little Cottonwood Canyon resort, indicated he is a long way from the top of that final and most important summit. When he joined Snowbird founder Ted Johnson in 1969, MrJohnson had speculated that development costs would be on the order of 3 million, he said. Mr. Bass, however, anticipating the inevitable exercise of "Murphys that is, if things can go Law prepared for a $6 wrong, they will million investment. By the time the resort was opened a year and a half later, $13 million had been spent. Now, 15 years later, he has $65 million into Snowbird, he says. And has lost $30 million. And while Snowbird is now making an operating profit, it is faced with debt service expense three times that amount. After the meeting, he told The Tribune that steepness and snow conditions make Little Cottonwood Canyon an unsafe environment for y the growing numbers of skiers, and the canyon and public would be best served by lift and downhill skiing development wherein hazards are controlled or removed. He said, too, that Utah should be aware that tourism is as important to its economic vitality as the extractive industries once were. cross-countr- Richard D. Bass Snowbird Next Quest abc Salt Shakers Install President At S.L. Country Club Banquet Ex-Cabi- Member to Chair Union Pacific nel Special to The Tribune Drew Lewis, former U S secretary of transportation, has been elected chairman and thief executive officer of Union Pacific Railroad Co. effective April The announcement was made Thursday by William S Cook, Union Pacific Corp s chairman, president and chief executive officer Mr Cook added he intends for Mr Lewis, 54, to become president and chief operating officer of the New York-baseparent company following his retirement Oct. 1, 1987, at age - NEW YORK (Tribune 1 Business Friday Morning January 31, 1986 65. Section B Page 5 This senior management succession plan will strengthen and ensure the orderly transition of our management team, said Mr. Cook. Under the plan, John C. Kenefick, Nice Corp. Says Workers Will Not Be Laid Off work. During the next week, the affected employees will undergo training for the next project they will help market, said Mr. Johnsen. Pay will not be reduced during the training, he added. n One of the ees who called The Nice employTribune Thurs- day complaining the companys actions amounted to a layoff said the firms Salt Lake City facilities are not adequate to accommodate all those employees on its night shift next week. of UP Railroad, will become vice chairman of Union Pacific Corp. in April 1986 and will serve in that capacity until his retirement on Jan. 1, at age 65. Mr. Lewis is now chairman and chief executive officer of Warner Amex Cable Communications, a position he has held since February 1983. 1987, tary of transportation from 1981 to 1583 Before he served in that capacity, Mr. Lewis guided the reorganization of the Reading Railroad and its eventual conveyance to Conrail and he was one of two trustees of the Reading Co. Mr Cook said when Mr. Lewis joined Warner Amex, the company had sustained heavy losses. In three years, Mr. Lewis restructured the company and led it to a successful financial turnaround A graduate of Haverford College. Mr Lewis earned a master's of business administration from the Harvard Graduate School of Business. A Philadelphia native, he is married and has three children court-appointe- thairman and chief exeuctive officer Contrary to rumors, Nice Corp. is not laying off any of its daytime employees in Salt Lake City during the next two weeks, general manager Phil Johnsen told The Tribune Thursday. Mr. Johnsen said the company, which specializes in telephone marketing, will experience some lag time next week before its next work assignment. He said although the delay is out of the companys control, it has put in force a contingency plan to keep daytime employees on the job. Mr. Johnsen said affected employees can either use vacation time next week or work night shift and thereby pick up some of that shifts slack half-doze- To Head Goodwill Ambassador Croup Former Secretary of Tramfxirtation Warner Amex, based in New York, is s the nation's sixth largest operator. Mr. Cook said Mr, Lewis was intimately involved with the railroad industry as President Reagan's secre cable-system- MountainWest to Buy 3 American Savings Outlets MountainWest Savings and Loan has received approval from the Federal Home Loan Bank and the Utah Department of Financial Institutions to buy the deposits of three American Savings branches. The announcement was made Thursday by M. LeRoy Mecham, president of MountainWest Savings. He said the transaction included MountainWest Savings leasing only one of the branches, the Foothill branch at 1500 S. Foothill Blvd. Mr. Mecham said other American Savings branches whose deposits MountainWest Savings purchased include the Sandy branch, 820 E. 9400 South, and the Harrison branch, 3103 Harrison Blvd., Ogden. Mr. Mecham said while Mountain-Wes- t Savings plans to operate the Foothill branch under its name, it will close the Sandy and Harrison branches. MountainWest plans to move the Sandy deposit base to its branch at 855 E. 9400 South and those of the Harrison branch to its new branch at 4400 South and Harrison Blvd Mr. Mecham said those branch deposits will be transferred Feb. 28. The acquisition of these deposits is consistent with our policy of fo- - cused market growth, said Mr. Mecham. "It will allow us to strengthen our position in the Sandy area and provide our services in the Foothill area for the first time. This transaction brings' Mountain-Wes- t Savings assets to more than $390 million. MountainWest Savings is a wholly-owne- d subsidiary of Winn Enter-prise- Womens Credit Croup to Hear TRW Officer Gilbert Hamblet, vice president of industry and regulatory affairs for TRW Inc., will dtscusss What Credit Bureaus Do and Rights of the Individual before the Beehive Chapter of Credit Women International Feb. 13. The meeting begins at 11:30 a.m. at Quality Inn, 154 W. 600 South. Mr. Hamblet, born and raised in Manchester England, has been principal speaker at international conferences in Europe, Asia and South America and has published several articles on motiviation. Gary Birdsall, market development director of Mountain Fuel Supply Co., has been installed head shaker or president of The Salt Shakers, goodwill ambassadors of the Salt Lake Area Chamber of Commerce. The installation was held Jan. 25 at the shakers annual banquet at the Salt Lake Country Club. Mr. Birdsall succeeds Peter more of Corroon and Black. Fill- Other new Salt Shakers officers, where they work and their titles in the chamber organization include Lou Bigler, Bigler Insurance Agency, vice head shaker or vice president; Blaine Shields, Utah Power & Light Co., Salt Spreader or trip planner, and Stanley Foutz, Ernst and Whinney, Salty Scribe or secretary-treasure- r. Besides holding the top shakers position, Mr. Birdsall is also chairman of the chambers committee of One Hundred. Mr. Birdsall said under his leadership, the shakers pledge to become more involved in chamber activities, such as membership development and Business After Hours mixers, in state, city and county functions and major community activities. REPORT OF CONDITION Report of condition of MOORE TRUST COMPANY of SALT LAKE CITY" In the State of Utah at the close of business on December 31, 1985 ASSETS S1 1,000.00 Cosh ond due from Bonks Bonk premises, furniture & fixtures ond other assets 10,000.00 bonk representing premises 87,000 00 Other assets TOTAL ASSETS $108,000.00 UAWLmes 27,000 00 Other I labilities TOTAL LIABILITIES $27,000.00 EQUITY CAPITAL Common stock o. No. shores outstanding 100 $150,000 00 100,000 00 (169,000 00) 81,000 00 (par value) - Surplus Undivided Proms TOTAL EQUITY CAPITAI TOTAL LIABILITIES AND EQUITY CAPITAI $108,000.00 MEMORANDA Averoge for 15 or 38 calender days ending with coN dote: Cosh ond due from bonks I, John W. Crlm, of the above-nome- d bonk, do solemnly SWEARAFFIRM condition Is true ond correct, to the best of my knowledge ond belief. Correct Attest 15,000.00 of that this report JOHN W. CRIM FRED C. HUMPHREYS DANIEL R. NELSON J. MICHAEL HOLT Directors State of Idoho, County of Ado ss: Sworn to ond subscribed before me this 16th day of Jonuary, 1986. TRUDY J. JACKSON, Notory Public STATE OF UTAH DEPARTMENT OF FINANCIAL INSTITUTIONS: I, Avon T. Froncls, Progr om Specialist of Financial Instttuttons, do hereby certify that the foregoing is o true ond correct copy of the statement of condition of the above named corporation filed In this office on January 24, 1986. AVON T. FRANCIS, Program Specialist of Financial Institutions. REPORT Of CONDITION Report of condttion of MOORE FINANCIAL OF UTAH of SALT LAKE CITY" In the State of Utoh at the close of business on December 31, 1985 ASSETS 3,407,734 00 Cosh ond due from Depository Instttuttons 534,000.00 Securities ,. $56,281,236 00 o. Loons ond contracts (net) 00 9,601,220 ..$ reslduoi values) b. Leases (net Including 910,412 00 c. Other receivables (net) . 2,935,672.00 d. Less allowances for loss 63,857,196.00 Total net receivables Institutions premises, furniture A fixtures ond other assets 2,461,962 00 Institutions premises representing the 3,185,688 00 Red estate owned other than Institutions premises ............. 14,247 00 Deterred charges ond prepaid expenses 11,122,639 00 Other assets $84.583,466 00 TOTAL ASSETS I'' & LIABILITIES .. Thrift certificates, passbook, NOW occounts, other Notes payable a. Other Accrued Interest on thrift and other borrowings Mortgages payable Interest, taxes ond other expenses occrued and unpaid Subordinated capital notes and debentures . o. Long term b. Short term (maturing In less than 1 year) Other liabilities TOTAL LIABILITIES STOCKHOLDERS EQUITY Common stock Surplus Undivided Profits Total stockholders equity TOTAL LIABILITIES AND EQUITY CAPITAL 155,984,332.00 14,659,595.00 744,222 00 253,686.00 1,744,073.00 2,385,353 00 00 I' I 3,865,255 67,742.00 $79,704,258 00 .... $ 200,000 17,600,000 ' 00 00 .(12,920,792.00) . 4,879,208 00 .$84,583,466 00 -- Industrial Loon Corporation, do solemnly SWEARAFFIRM I J Mlchoel Holt, of the above-name- d that this report of condition Is true ond correct, to the best of my knowledge ond belief. J. MICHAEL HOLT, President A CEO Correct-Atte- MlfiVIN D. BORTHICK RICHARD Y. BENNION LELA M, ENCE st: , 1 Several styles to choose from in a variety of sizes. ' 0 5, LIMITED QUANTITIES 'V ; C '? - I" t Jk Directors State of Utah, County of Salt Lake ss: Sworn to ond subscribed before me this 22nd day of Jonuary, 1986. NONA CULPEPPER, Notary Public STATE OF UTAH DEPARTMENT OF FINANCIAL INSTITUTIONS: the foregoing Is a true ond correct I, G Edward Leary, Supervisor of Thrifts, do hereby certify that In this office on Jonuary 24, copy of the statement of condition of the obovt nomed corporation filed 1986. G. EDWARD LEARY, Supervisor 1 of Thrifts. f? KV t ' i aWM n s. V.X, " 1 v ? .i - ;..V' N" V v V Hi ' f J T - |
