Show Sunday April 27 1986 Business Bank head harbored no illusions ' 6y ENSIGN RITCHIE Editor Profile SALT LAKE CITY — There ' were no illusions Fred Stringh-abegan reaching for the brass ring when he was a boy tilling !ioil on a small family farm in Hooper during World War II i Today Stringham is president of Valley Bank and Trust Co and the holding company Valley Utah Bancorporation But during the time he was a student at Burch Creek Junior High and Weber High School he and his brother Richard spent their spare time operating the farm owned by their father and uncle Its operation fell on the shoulders of the young Stringhams since the father was working at a local canning facto- - The two young men traveled almost daily between their home in South Ogden and Hooper during the farming season After all providing food was the patri- otic thing to do during the war “No I never considered farming as a future” Stringham said when asked about his hopes while attending public schools “Although I rather enjoyed never farming as a teenager really considered working in agriculture or a canning factory the rest of my life In fact (canning) factories were starting to I got out of school “Business always had had an allure for me There was little doubt in my mind even then that I’d pursue this field” The training for his chosen field started at Weber Junior College then continued at the University of Utah when he moved back to his native Boun- fade when tiful After graduating with a business administration degree in 1949 Stringham joined Commercial Credit Corp in Salt Lake City In eight years there he worked his way up to assistant vice president and credit manager for the firm’s three offices “I enjoyed the work there but they wanted to transfer me out of the area I preferred staying so sought other employment” he said In 1957 he hired on at Valley Bank and Trust Co a small independent bank with $10 mil- lion in assets and three offices His first position was an assistant cashier in a branch bank After taking a brief break to attend the Stonier Graduate School of Banking at Rutgers NJ he started the climb to the top Stringham was named bank president in 1972 and of its holding company in 1984 The holding company subsidiaries include the Silver King Bank of Park City Central Bank of Richfield Valley Mortgage Co of Salt Lake City and Valley Leasing Co of Salt Lake City Assets of the subsidiaries now total about $800 million and they have 600 employees “I’ve always enjoyed the financial side of business” Stringham said “I have no regrets for switching to banking I got a taste of finance at Commercial (Credit Corp) but found banking to be a much broader field Procter & It is the dramatic area of the economy” The modest Stringham denies feeling a sense of power and enjoying the plaudits of being president “Yes the buck does stop here But as far as power goes I have never looked at it that way be cause the important things have to be done by others It’s my job to provide motivation and direction And since it’s a people business motivation is everything if they are to be treated the way they want” He credits timing as being very important in his reaching that brass ring Gamble sales soar profits rise CINCINNATI (AP) — Procter & Gamble Co reports its fiscal profit rose 44 percent from a year ago Sales rose 218 percent Growth in net earnings was hurt by an unusually low tax rate in the same quarter a year ago the consumer products company said Sales soared because the company included Richardson-Vick- s Inc which it recently acquired P&G said its net earnings for the three months ended March 31 came to $167 million or 98 cents a share compared with $160 million or 96 cents a share a year earlier Sales for the quarter totaled $408 billion versus $335 billion For the first nine months of its year net earnings rose 119 percent to $582 million or $346 a share from $520 million or $311 a share last year sales rose 131 percent to $1155 billion from $102 billion & Procter Gamble makes laundry and cleaning products personal-carproducts foods and beverages It also makes products for business and industry Sunday crossword Historical photo shows old Salt Lake City airport east of current one Aviation From IE ture” said Robson who noted Western has plans to increase its current 115 flights a day through the Salt Lake hub to 135 by midyear Western Airlines E Lundy ACROSS Rhythms Record holder 11 Wardrobe 17 Relating to a Frankish people 18 Nerve: Prefix 19 Superabundant 20 Free 21 Tape breaker 22 Disinclined 23 Ralph Hodgson verse 27 Calcutta coin 28 Hastens 29 Local govt units 32 Oust 34 Accumulations 36 Move stealthily 38 County in Connacht province 40 Cassius line in “Julius Caesar" 45 Hamburg donkey 46 Theater offering 47 Limerick s river 48 City NE of Sacramento 51 Amen 52 Sight at JFK 55 Certify 56 Paint again 58 "The Waste Land" poet s monogram 60 — the mark 62 Adage for a s'owpoke 68 Planted 69 Highland head cover 70 Seaport m Kwangtung 72 Change back 77 to Caesar 79 Aries 81 Kind of bee 83 Connoisseur 85 Artist El — 87 Understanding words 83 Lopg'eNow ' poem to his daughters 93 For tear that 94 Exam grader 95 Pa'dons 95 Marke's 98 Naturalist Johnson 99 Phon® feature 100 M che a"ge'o 6 Economic impact of Western Airlines Economic impact on the state of Utah by Western Employment 5468 Utah jobs one out of every 100 cent of all certified air carrier Utah employees Airlines Inc jobs 73 per- Household income $105 million earned by Utah households tivities Cumulative impact since 1982: $344 in 1985 from Western's ac- million Taxes to state and local entities Those attending last week’s cel$12 million in taxes for 1985 One of avery 160 state tax dollars Cuebration agreed air travel Westmulative impact since 1982: $40 million ern Airlines and the Salt Lake Total operating expenditures airport have changed considerain Utah were $171 million for all goods and ser1985 expenditures bly since that early morning 60 vices Cumulative impact since 1982: $500 million cars ago when Salt Lakers Ben Other F Redmon and JA Tomlinson increased Expanded air service better access to outside markets donned leather helmets and gognumbers of passengers exposed to Utah's resources accessibility and gles and climbed atop a pile of business potential mail sacks to become the nation's Source The Bureau of Economic and Business Research Graduate School of Busifirst air travelers ness University of Utah The pilot on that historic flight graphic bv Western Air Express was Charles “Jimmy" James a former ping” 400 passengers had venWestern are meals communications Army pilot with hundreds of tured over the Salt LakeLos hours of flying time But none of Angeles route weather stations children his Hying hours would ever be as “In 1928 Western purchased fares movies deFokker significant as the eight hours it three By 1941 passenger revenue took him to fly those first two air was exceeding mail and cargo signed specifically for its passentravelers to Los Angeles Today's ger service” Borthick reports revenues and company officials s Salt decided it was time to drop “ExAngeles flights “The planes afford up to 12 pastakes less than l'j hours sengers plenty of room to relax in press” and become Western AirIn a brief history of Western the luxury of wicker chairs and lines and its association with Utah Jc- - be pampered by steward During the early days of World anette Borthick editor of the air- service which Western had introWar II the military requisitioned of Westerns more than port monthly publication reports duced” 1927 a “whop that by the end of Other firsts Borthick credits to airplanes Exxon’s earnings up 31 NEW YORK (AF) — Exxon Corp the nation's oil company and corporation overall said its earnings were up by 31 percent from the period last year The company said its net profit totaled $17 billion or $235 a share versus $13 billion or $171 a share in the first quarter of 1985 revenue was $222 billion down from $233 billion last year the company said “Lower crude supply costs combined with the weaker dollar resulted in recovery in downstream and chemical margins from the low levels in 19S5" the company said won said foreign refining and marketing earnin the first quarter versus ings totaled $447 million period $U nHlion in the U'S "refining and marketing operations increased largest Jo By to $I6U million lrom $13 million Lxvon otticials added They also said the quarterly earnings were affected by a charge of $235 million after taxes This charge was to cover the costs of Exxon’s recently announced regional consolidation along with a special employment separation program related to the resulting staff reductions officials said In 1985 Exxon reported total revenue of $932 billion making it the nation’s largest oil company ahead of Mobil Corp which reported $604 billion in revenue In terms of total sales Exxon dropped to second place behind General Motors this year after several years of leading f ortune magazine's list of the nation's 500 largest US industrial corporations Ranked by total sales GM reported billion in Ivs5 while lxvon reported S8' 7 billion 102 Line from Allen s "Rock Me to Sleep" 111 African trek 114 Stimulators 115 Wakened 116 Infunate 117 Wear away 118 Characteristics 119 Horn 120 Obsolete 121 Intuit DOWN Metered vehicle 2 Kind of sch 3 Silent art 4 Nile sedges 5 "Keep — " 6 7 8 Doddering Advance Cask stopper Nobel chemist: 1934 Sleep inducers 11 Quahogs 12 Pumice source 13 Range feature 14 "Dear — 5 Double curve 16 Definite article 17 Tennis unit 21 Grief 24 "What are you — ?" 25 Carol 26 Affirmatives 29 Orange in heraldry 30 Rio Grande feeder 31 Gone 32 Small buttonhole 33 People of ancient Italy 9 10 34 Wildebeest 35 See 26 Down 36 Light conversation 37 Ripped 38 Fund for flutists: Abbr 39 Zither cousin 41 Sardonic 42 Rendezvous 43 Nautical term 44 Tails 49 Boer title of respect 50 Conductors of eminence 53 Digestive area 54 Craggy hill 57 Brace 59 Superlative suffix 61 Printer's measures 63 Solemn respect S4 i 64 Rider fees 65 Daisy — 66 Without restraint 67 Blares and blasts e g 71 Vane pts 72 Backward: Prefix 73 Hebrew dry measures 74 French mathematician: Behold: Lat Rhine feeder S molding Bossy's bellow 82 Obtain 84 Pixielike 86 TLC dispensers 89 Lackluster 90 Akin 75 76 78 80 91 Employed 92 Laboratory vessels 97 Punjab capital 99 Not as wet 100 Measured 101 Tax agey 102 South African langugage 103 Provoke 104 Demeter's daughter 105 106 Tie Extensive Sir in Malay Sister of Osiris 109 Measure 110 Mss people 111 Mariners' 107 108 milieu 112 Columnist Landers 113 Goods in shipment: Abbr Answer on 3E t i 4 i I |