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Show f 10 It Thft Salt Lake Tribune, Sunday, July Sales Gain 13, 1973 Income Up Business Portrait: Wendell Gile, Man to Bank On Reported Like the 30th U S President, Wendell E. Gile was born in Vermont And like rilun Coolidge, hes someand what taciturn By Univac straight-to-the-poin- t. hes been doing for the past doen or so years as senior vice president of Continental Bank & Trust Co, and he replies crisply: ' Making loans - i Born 59 years ago in Montpelier, t. Mr Gile In after two out a be set to fact, lawyer originally years at Boston Imversity. he enrolled in its law school Formidable, Not Stuffy While he's almost fornudible, he's not stuffy I've been told." vou suggest that most bank executives hint of surprise crosses his face, then own a yacht " he lean-- , back in his ihair. he smiles, I ve Well, apparent J About this point, another ermont native son E. Cosgriff, founder and president of Continental Bank entered the picture. "I was fortunate in meeting him on one of his trips to the East," Mr. Gile recalls As any young fellow would be, 1 was impressed by his success and stature. Shortly after the financier asked him if he wanted to learn the business. the young New Englander arrived in Salt Lake City on Oct 16, 1936. And some never regretted 37 years later, Mr. Gile says he's that decision. After a stint as "sort of a utility man in teller cages and doing odd jobs, he was assigned to the trust department, then the credit department Although he ostensibly was manager of the latter, he confides. "There were only two of us there . and a girl II I'm against private offices, he declares you're going to be in this business, you should be out and get to you wheie the public can see you without going through a ma.c of secretaries Really Public Servants Reporting on installations, Aaion Ilenken, director of Senes 70 operations, .said that total shipments of Senes 70 systems since Sperry I'mvac acquired the customer base Jan 1. 1072 now exceed $.0)0 million, or an increase of about $70 million oxer the $110 million reported at the end of 1072 In addition, $71 million of equipment, mostly upgrades of installed systems, will be shipped within the next few months," he added thats what banking is all about, he continues Were really nothing but public servants. If a complacent lullaby once wafted through the marble halls of the banking profession, today it's the tempo of competition "The old image of the banker is over." Mr Gile contends You hive to be friendly to stay in the business If you aren't, then somebody else is going to get your business And up-be- hard-hearte- r at least, Continental Outwaidly, - - ... - -- Banks In - - Tin in Wendell and of - r For the six months ended June 30, earnings reached or $4.78 a $696 S5 million, share, on revenues of $4.99 billion. In the first half of last year, IBM earned $617.90 million, or $4.27 a share, on reve- But as the Depression dragged on, it was painfully there were too many lawyers on relief and again opened the Thus, he dosed the law books textbooks graduating with a bachelor degree in business administration news for you Mr (.lies desk is among several on the Continental Bank s main floor, separated by a low railing horn the general customer area Not only is he accustomed he preters it to their gae eo1 New Orders - InterNEW YORK (AP) national Business Machines Corp. reported its net income rose to $2 44 a share in the quarter ended June 30 from $2 15 a share m the comparable period of 1972. Net earnings were $356.72 million on revenues of $2.55 billion, as against net income of $312.20 million and revenues of $2.36 billion in the second quarter last year. While commercial banking hat become more comthe fundamental and more specialised plex basis of making loans is the same today as its always been " And he lists Character, capacity and capital. " ny time you loose one of those three, you're headed for real financial dilficulty. Elected president of the Utah Bankers Asn. last month. Mr. fide looks the part Immaculately a conservative daik suit groomed white hair and a business like preseme reported In Sperrv t nnae, a illusion oi Sperry Hand Imp" ration Orders from Senes 7(1 customers are lontinuing at a commented pace," steady (.erald G IrubM, president ot Sjioriv I meat in Blue Bell "I his reflects User confidence in our commitment to supportthem with equipment ing meeting their present and re(jmrement.s In Quarter Well-wor- friendliness isn't a joviality. woodwork and polished brass bespeak a conservative tradition. Asked about it. Mr. Gile chuckles: if that's what you mean." "We're not swingers Basis Slavs Same Ask him, for instance, what Special to The Tribune BLUE BEI.L, I'A new orders and instalof I'nnae Senes 70 lation computer sy stems during the first six months of 107.1 were At IBM IC Gile. Continental Bank executive, decision to enter business. nues of services increased 12.3 cent in the six months automobile Area buyers flocked to dealer showrooms last week to boost sales 89 levels percent over year-ago - New car sales totaled 1.564. orders include a I'm-aSenes 70 01 to be installed this fall at the State National Bank of Connecticut's comput-- ' er center in Fairfield,, Conn , 704.1 ordered by systems Farmbest, Inc , Miami; Raymond Rosen Inc., Philadelphia, and Clark County, Nov.; a 702 system ordered by Banquet Foods, St. Louis; a 700 system for the ItC'A Electronic Components Diusion, Ham-son- , N J ; and a 706 system for RCAs Daud Sarnoff m Research Laboratoncs Princeton, N J compared with only S27 during the corresponding week m 1972. noted Jerry Hayes, presi- World Metal Market Ponders Rise in Overseas Copper Prices - ConNEW YORK ( A ) cern over increases in the cost of copper overseas dominated the world metal market the past week, despite the fact that American domestic prices remained stable due to the price freeze 1 New Senes 70 installations Univac include a large-scalSenes 707 irtual memory system which was recently installed at Florida Power and Light Company, Miami It will be used for engineering sinjp-lotion studies, stiuetural design of transmission towers. preparing time sharing pio-- ! grams and other applications e the I ondon Metal Exchange, copper wirebar prices climbed to their highest levels in more than five years, selling at nearly SI a pound, 4(1 cents over the domestic price nalysts attributed the rise to heavy buying by the leople's Republic of China was inI'nnae Senes stalled bv the Mulligan Department of Social Services. Lansing, Mich 70 6 indications that copper might become a "precious metal" develop in other part' of the world Chile's El mine, the vvmld's largest underground copper mine, is just recoveung from a IVmonHi stnke, only to tace further uncertainties in that country's clouded economic and political picture While other countries like e . Harman tor price increases The National Steel Corp also announced that its new iron mine near would begin Ribbing, Minn operations for shipment to July 4, 1974 In the tin field, the federal General Services Administra turn said it is beginning longterm" contracts for stockpiled & . s Income Lower -PITTSBURGH (AP) Wcstmghouse Electric Corp. says that despite second quarter increases in sales and earnings, net income for the first half of fiscal 1973 was lower than during the same period last year. Earnings for the first half of the year were $94 2 million or $2 6S sales billion. Last year net per share on of in- come was $95 4 million or $1 OS a share on sales of $2 44 bil- HAVE YOU HEARD? lion Sentry Thrift Corp. in Salt lake City and Helper, Utah, have raised their interest rates on passbook savings and special certificates. 21 Per share earnings during the second three months of both vear- - was 60 cents Intermediate easing has announced intention to drill a 17,700-foo- t exploratory test in a remote section of easUrn Wasatch County, said Carlton lmneials specialist Stowe, with the I tali Geological Mineral Survey No The well Straw will he spotted beiry Unit in the Willow Creek area, about HI miles south of Strawberry Reservoir and 17 miles northwest ot Soldier Summit (hevron eral Casting. Reynolds Metals, $1 08 cents a oound 20 cents a pound 75 cents a pound. Aluminum unalloyed ingots, delivered 68 cents a pound, bulk, Antimony 99 5 percent, cartots, producers plant 16 . Zinc Magnesium ingot Manoonese ton unit ot 45 o8 . Silver unquoted New York, si pence, London S2 37 Tin a pound. New York cents o oound u9 cents oer ore percent Si S3 a pound, electrolytic Nickel cathodes. Port Colborne, Ont Platinum $150 $55 on ounce 61 64 dent of the Utah Automobile Dealers Assn. 10 2 Used car sales, meanwhile, or were up by 90 percent - $280 a flash. Quicksilver pounds. New York Tunosten ore S t? 44 a short ton unit. duty extra. 50 sold last week, compared year ago. he added. 1,451 w ith 764 a Chevron to Drill for Wasatch County Oil In other metal news, the Cost of Living Council turned down requests by Alcoa. Gen- Handy Yort Lead Coooer 60 60 cents o oound, de fivered, foreign 98 69 cents, nommot. Another concern is that the Imted States, though still a major importer of raw copper ore, might see more exporting of refined copper abroad to obtain the higher prices and New tin, thereby apparently eliminating the GS.Vs present daily tin sales Maor meals prices: s -' - Roland move to mciease the world still supply dwindles, traders note. The British Metals Federation predicted a running down of supplies and a balance be"very narrow tween production and consumption. One observer said London's stockpiles were down to 40,(1011 metric tons tiom December's 190,0110 tons then-outpu- On irtual Memory A per- Utahns Eager To Buy Cars New - billion. F. T, Cary, chairman, said revenues from rentals and my-se- "never regretted $4 68 Oil Uo set at 2.430 fect. it is being added (unipleled Wells Meanvv lute, development work in the Utamont area remains active, as Gull Oil Co completed two wells on the south side of the trend which (lowed at 2,sxi) and 2.9o4 bar- 1 rels ot oil daily In Sevier Countv. Phillips ( o Petroleum is drilling below 9,870 Ieet in its pi el Located in Section It). Township 5S. Range 11W. the test well is some 2! miles southwest of Altamont field produe turn. Mr Stowe noted Tile well will test the Mesaverde formation ected 16 test 500-fo- The well U.S.-is about east ot Salma Canyon BUILDING? Office WarehousePlant unitized" area designated by the U.S. Geological Survey, Mr. Stowe explained. Unitization involves certain royalty beand other agreements tween Phillips and other well operators in the area. in Salma No 1 miles 15 NEED A Deep Exploration Phillips also announced another deep exploratory test, some 18 to 20 miles north of the Salma Canyon well and about 12 miles southeast of Manti, Sanpete County No. 1 U S E is in Section 22, Township 19S. Range 3E. and still within the 109 The well is a - We provide site, plans A building For Lease or Sole CAPITOL INDUSTRIES, projected Call 17.500-fotest of the Cambrian formation, he added Mr Romney- INC. 486 8409 Freedom Now! e Brokerage House Lists Profit During Quarter Small Producer - NEW YORK (AP Reynolds Securities Inc., a major brokerage house, reported that it continued to show a profit m the three months ended June )- Most recent drilling in the a when area was 19.71, 111,017-fowell was sunk without success Wasatch County 's tirst oil production came late last year when Texaco, Inc, completed a small producer from a depth of 8.600 feet, Mr. Stowe added 30. Reynolds was one of the few relatively large Wall Street firms reporting a profit in the first quarter amid bear market conditions and sagging trading volume in securities. The company also disclosed that under a campaign it had cut salaries During the week. Willard Tease Oil and Gas Co , Grand Junction, Colo, said q has leached 2.470 ieet in a 6 test Grand in County NDERSON Federal No 2 is on a 2 larmout m the San urora gas Held at section 12. Township IBS, Rail 341.. and will test the Dakota lormation. the company said g 500-to- of supervisory personnel by ID and had laid percent June offf some "back office or operations, employes Earlier in the week Merrill 1 e j Fenner Pierce, Lynch. Smith the Inc., & nations biggest brokerage firm, had disclosed that its top officers had taken pay cuts. For the second quarter Reynolds reported earnings of $645,000 or 13 cents a share, on revenues of $20.50 million. In the like period of Datsun 240 Z's in Stock Let Master Lease help you get ' GAS SAVER SPECIALS! Datsun 240Z, 610 and all models; Toyota Cilica & all models; Mazda Rotary RX2, RX3; Fiat, all models; VW; Audi; Capri; Opel; Saab; Simca; Triumph; Volvo; Mercedes,- Porsche; Vega; Pinto. 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