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Show fHE SALT LAKE TIMES Utah Power & Light Stockholders Hear of Company's Growth Adapting to change is the greatest challenge of electric utilities tody. That was told to some 900 Utah Power & Light stockholders at the firms annual meeting recently at the Salt Palace. UP&L President E. Allen Hunter told shareholders that growth of the company and changes in regulations at all governmental levels that affect us have shifted abruptly to a faster rate of change than we have experienced in the past. We have found it necessary to plan for growth in our company at an increasing pace. The firm's chief executive cited examples of the changes taking place in the electric utility business include financing almost every year to provide new funds for construction, computer accounting and electronic billing, and design of plants and other facilities to be compatible with the environment. Mr. Hunter told shareholders that the company plans to ask for rate increases in Utah, Idaho, and Wyoming probably in June. He said that, after making all the operating economies that we can still rising costs are forcing the company to ask for rate relief. The utilitys last rate increase was a small one in Utah in 1963, and in Idaho in 1964. Other highlights reported by Mr. Hunter include: The companys rate of growth has been running about 6 percent a year; The firm sold $48 million in long-tersecurities in March of this year including $35 million in bonds and $13 million in preferred stock. Mr. Hunter noted that this is the first time the company has sold bonds with maturity of less than 30 years. The bonds were sold with maturity of five years and the shorter term resulted in a substantially lower cost of money; . Revenues increased from $87 million to $91 million during 1970 and earnings increased from 3.01 to 3.06 per share. Mr. Hunter predicted that revenues would approach $100 million in 1971; Some 9,000 new customers were added during the past year 21.2 percent greater than in any other year in the firms history; Investment in facilities totaled more than one-ha- lf billion dollars as of the end of 1970. Mr. Hunter said that notable progress is being made in putting new distribution service underground. In 1971 more than 50 percent of our new customers were served underground. Mr. Hunter said proposed and existing environmental regulations are increasing the construction costs of new power generating units, since the utility is adding larger and more elaborate equipment to cleanse the effluent from these plants. We have demonstrated to the public our desire to cooperate in efforts to avoid any further contamination of our environment and to provide the power neces- - ' ' I Economic Impact Cited on Recently Completed Movie Almost a year in the making Sanford Productions and Warner Bros. Pictures just concluded The Saga of Jeremiah Johnson filmed entirely in Utah and starring Robert Redford. A true story of a mountain man who came thrjough Wyoming and Utah to establish trapping lines the exciting adventure feature is scheduled for release this year. Sydney Pollack, Director, insisted on natural scenery in the feature and praised Utahs beautiful terrain used as sets for the film. Mr. Pollack also remarked on the assistance he received from state and local agencies during the production. With out the outstanding help we received of the Utah Travel Council, Highway Department, Highway Patrol, Fish and Game, State parks and Recreation and local people, this movie could not have been made, he said. In all my years of the movie business I have never experienced the cooperation and support of state and local agencies like we received in Utah and you can be assured that I will highly recommend Utah for future movie production, he said. Durin his work in the state Mr. Pollack constructed a vacation home at Sundance in Provo Canyon. Coordination for the entire movie was conducted by the Utah Travel Council and began with site selection effort last year. While the report reflects the various activity, problems, and recommendtions, probably the most important point was the economical benefit to Utah from the project. The film was produced in the Heber, Kamas, Sundance, St. George and Vernal areeas where an excess of $1 million was spent. Mr. Weilenman commented that this was a tremendous boost for Utahs economy and his office intends to emphasize the effort to attract morjp movie business to Utah. We have two more major productions almost ready to go and it is my hope that the states effort in harmony with local agencies will significantly increase Utahs motion picture economy, he said. Compared to the 1913 dollar, todays dollar is worth only 27 cents, and if the present 5 per cent rate of inflation continues, in 25 years it will be worth only a 1913 dime. Over the past 10 years, federal spending has risen 112 per cent from $92 billion to $195 billion. Interest on the federal debt has jumped from billion to $17 billion a year. An Electric Range Wont Clean Your Kitchen ...But it Wont Get It Dirty Either! This is sage advice once spoken to Charles F. Kettering: Whenever you look at a piece of work and you think the fellow was crazy, then you want to pay some attention to that. One of you is likely to be, and you had better find out which one it is. It makes an awful lot of difference. m s. Page Three FRIDAY, MAY 21, 1971 l I " : ' ' ; ! ! i . I BRIGHT OUTLOOK INDICATED FOR AUTO PARTS BUSINESS i The auto parts business may not share much of the fanfare accorded these days to its more glamorous relative, the new car business. However, while Detroit's drums are beating to the hopeful headlines of a ten million car sales year, the parts suppliers are gearing for unprecedented and continual increases in aftermarket sales. For years to come! t Value lane, one of the nations major investment advisory services, says this bright outlook stems from a combination of factors particularly conducive to the growth of the auto parts industry. Claiming also that th$ industry offers some attractive investment opportunities, Value Line cites the findings which underlie its opinion as follows: The number of cars on U.S. roads increases at an average rate of three percent a year. New car manufacturers warranties now average 12 months or 12,000 miles a reduction of at least 50 percent from the levels of a few years ago. Coupled with that downward revision are concerns with safety and pollution which have prompted new car manufacturers to modify designs and boost prices. Buyers as are suit have tended to keep their cars longer and to repair them at independent outlets once the warranties have expired. According to Value Line, car owners at the same time are placing greater emphasis on maintenance because of tighter local standards for engine and brake performance. Tune-up- s are becoming more frequent; tires are replaced more often. In conjunction with spread- ing interest in good maintenance and better performance. Value Line points out that from 1969 through year-en- d 1971, the number of cars entering the t is expected to an at annual grow pace of 20 rate twice the of the percent, previous decade. By the end of 1971, more than 63 million cars will likely fit into that category. In terms of dollar sales. Value lane reports, the parts is currently worth $6 billion. But with added impetus to the inherent growth of replacement parts sales coming from expanded use of accessories, deepening concern with pollution and more stringent safety standards, experts figure the dollar total of after-marksales will increase at an average annual rate of 7.5 percent through 1975. And to lend the whole 'auto parts picture a final corroborative accent, Value Line observes: The popularity of small and compact cars including foreign makes (which last November accounted for 38 percent of total domestic auto volume) has been a bonanza to aftermarket suppliers. Value Line then concludes with the reminder that smaller engines typically require more frequent tune-upespecially under standards already set tougher or in the process of being formulated by various local, state and national authorities including the Department of Transportation. (out-of-warrant- y) after-marke- after-mark- et et Nobody can clean your kitchen but you. So when you have a dog and a cat, three children, six muddy feet, and a husband who likes to raid the refrigerator, you can be very thankful for one thing in your kitchen you dont have to clean up after. Your electric range. An electric range creates heat without creating dirt. range can clean its own oven. Remember, you can buy a portable, built-i- n or electronic oven. A modern electric free-standi- ng Free $25 Cash oven andor electronic you purchase a new electric range with a oven before May 31, 1971, you will receive $25 cash from the power company to help in the installation, provided the range is installed in a home or apartment served by Utah Power & Light Company or the Western Colorado Power Company. If self-cleani- ng s, Utah Power & Light Company Total Electric A Step Ahead Q out of 10 women prefer an electric range $9 |