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Show Page 8b Enterprise Review Cabs Win Lower Fee County commissioners this month reduced the business license fee for taxicab companies in Salt Lake County. The move was in response to pleas made by owners who complained the recent increase was unfair and In January, 1976, the license fee for cab companies was increased from $10 to $30 a cab. According to Val Thomas-sen- , vice president of Salt Lake Transportation Co., this first cab and $15 for each additional cab, plus $40 base fee, he said. Although the rate went up, it was a reasonable increase, said Keith Burnham, president of Ute Cab. It is an equitable rate, now. The did a good job. They listened, he added. month the rate changed. The new rate is a $25 fee for the com-.mission- and Burnham Profits Plummet for Top Companies mately $2.8 billion they earned in the fourth quarter of 1974. For the full year 1975, the 25 companies showed profits of $9.9 billion, a decline of 23.6 percent from net income of almost $13.0 billion in 1974. The fall in oil company profits between 1974 and 1975 is primarily attributed to a steep decline in earnings from foreign petroleum operations. Recession and conservation reduced demand for crude oil and products, while margins were further narrowed by higher operating costs including taxes and royalties. Worldwide recession also -- resulted in a contraction of industrial demand, causing reduced earnings in chemicals and other high-value- commissioners earnings were depressed tanker rates and nationalization of petroleum interests in Venezuela and elsewhere. U.S. earnings rose, on average, because of higher domestic prices, for crude oil and natural gas. The higher margins were partly offset, however, by lower production, increased costs of drilling and higher taxes. Five companies noted that increased tax payments due to the loss of percentage depletion totaled over $500 million. This was equivalent to more of the decline in than one-ha1975 profits of these firms. For some companies, domestic profits were aided by improved coal operations. Federal regulations continued to hold down domestic earnings, although some companies noted that regulatory burdens were eased as a result of reduced delays by FEA in authorizing passthrough of allowable cost increases. Despite the decline in profits, capital and exploration expenditures r continued to increase, but at a rate much below 1974. Nineteen companies providing this information in lf their preliminary releases indicated capital and exploration spending of $22.7 billion in 1975. This was 10.5 percent Charles these areas, and decide if the increases were unjust or unfair. alS8: FUTURES, Send me MAMA'S SPECIAL REPORT ON CATTLE A n plus MARKET MAD DAS at no charg. or obligation. SILVER LETTER WEEKLY AMni. (up) TRADING COMPANY . OutlMair gtirpaeii Leedinj C o m mo d ij y j ha 1974. By comparison, capital and exploration expenditures by these companies rose from $13.5 billion, in 1973, to $20.5 billion in 1974, an increase of 52.7 percent. Net income of the companies rose by approximately 40 percent between 1973 and 1974. The continued rise in capital spending is accounted for by ongoing committments to increase domestic supplies of oil and gas. There are indications, however, that recent growth in capital spending cannot be sustained in the face of lower profits, and will flatten or decline in 1976. Planned capital spending, in 1976, reported by nine of the leading companies, shows an increase of only 3.3 percent above 1975. Several other-companie- s indicated that present regulatory constraints on earnings will require substantial downward revision of capital spending in the current year. :STICK OUR KNOWS IN YOUR d products such as lubricants. Inventory profits, a major source of higher reported net. income in 1974, were down sharply. Other causes of lower ers said they review would above the level of such expenditures by these companies in Preliminary fmancial data released by 25 leading U.S. oil companies show their combined profits in the 1975 fourth quarter totaled almost $2.6 billion. This was 8.0 percent below the approxi- tion ready to explode into a dramatic price move. Our analyses indicate that these potent situations are building up pressure in the Cattle and Silver Commodities Markets. Act now. If our analyses prove correct you may even be able to take advantage of a long term capital gain. Boynton, president of Salt Lake Yellow Cab presented their cases to the commission in early January. At that time Petroleum Report by D. VanDeGraaff All the signs are there. MADDAclaarly recognizes a potentially dynamic situa- Bankers Oppose Bill continued from page lb claim the proposed act favors the savings and loan and thrift industries over the banking industry, and is We know how to get your sales prospects every week for new profitable leads. Try the newspaper that knows your needs. anti-competi-ti- We hoped to support the legislation. We are not against reform, but this piece of legislation is not only narrow but bad. This is the first time in a long while that I can remember the Independent Bankers and the American Bankers Association coming to a unanimous agreement on any- CttVO 952 West 1 500 South Salt Lake City, Utah 54108 5 Telephone 1 484-449- Eccles continued, but we all agree this is a bad piece of legislation." Larry Higgins represented the In- thing, dependent Bankers Association from Utah at the Chicago meeting. Eccles said he is not instigating a massive campaign against the bill at this point. He said he is not asking officers of First Security Bank to write legislators, but that most of the lobbying work would be done through associations. Fred L. Stringham of Valley Bank and Trust and Dick Paul of United Bank said they, too, oppose the bill, and will relate that position to their DlWpdN pECORd 1 FREE SAMPLE ORDER INTERMOUNTAIN COMMERCIAL RECORD 1952 West 1500 South Salt Lake City, Utah 84104 Phone: 484-449- 5 Gentlemen: Please send a sample copy of the Firm i I I INTERMOUNTAIN COMMERCIAL RECORD. Name Your Name .Title Address I .State. I Date L . -- Zip .Phone ER75 te s |
