OCR Text |
Show Trf QWGli By DOUG CHRISTENSEN Deseret News Business Writer Western Airlines is anticthrough flights from Salt Lake City to Hawaii as a result of the ruling handed down Saturday by the Civil Aeronautics Board in the Pacific route case, a spokesman for the airline said today. Western won the right to fly to Hawaii, along with Braniff, American and Continental, ipating FREDA. Moreton AND COMPANY Insurance spokesman for United Air Lines, which now faces additional competition, said the company has no statement to make on the route case and any service it may change in Salt Lake City until CAB report is rethe viewed by their legal department. 7H.35HH1 Francisco A Presently United flies daily to Hawaii from Salt Lake passengers City, however, must make connections with other United planes in San Francisco. Kent Herman, district sales manager for Western, said flights would be inaugurated n sometime hopefully 58 SIUME E. flights will be routed through Salt Lake City initially or whether they will go through or Los San Angeles, the division manag-;- r for Western said Initially the airline will start with 707 intercontinental jets, which they presently have in service. The company n airis looking at craft now on the assembly lines of Boeing and Lockheed. United, according to an Associated Press story, received new points for Hawaiian service, nonstop or otherwise at Boston, New York-Nea r k, Buffalo-Niagar- a Falls, Philadelphia, Pittsburgh. Washington - Baltimore, Cleveland, Detroit, Chicago, Kansas City a id San . Diego. Trans World. However, petitions of reconsideration are being filed by several airlines and the CAB decision could be altered. April. The new routes are scheduled to go into effect March 5. 6C A major airport expansion at Honolulu Is to be completed in April and this may affect the target date for Westerns flights, Mr. Herman said. The route award more than doubles Westerns route mileage. Presently the airline covers 14,156 miles and the Hawaii route will add 20,f'0-plu- s miles to the system. The airline was awarded routes from Anchorage, San Francisco-OaklanSan Jose, Los Angeles, Long Beach, Ontario, San Diego. Phoenix, and Denver to Minneapolis the Hawaiian Islands. Western anticipates that by 1970 the new route award will add $80 million annually to gross revenues. In 1968 the company had revenues totaling $220 million. We dont know how many CORNER ON COMMERCE KCC Expects Beat the Funds High Output dabblers-outperform- S. J. Und, Inc. 93-263rd Rood Rago Park, N.Y., 11374 Gantlaman: Without coil or obligation I would lilt to recaivt tho noconary form, and data for chocking my invoitmont rocord agaimt that of avarago mutual fundi. Name Address State City Zip . S.J. Lind, Inc. w expend-expansio- 1 one-hal- mld-197- Del E. Webb Corporation 6Wfo Convertible Subordinated Debentures Due December 1, 1975 Important formation for holders of Debentures The right of conversion will terminate as of the close of business on January 16, 1969. FAILURE TO CONVERT YOUR DEBENTURES BY SUCH DATE COULD RESULT MA MONETARY LOSS TO YOU BY VIRTUE OF THE FACTS DESCRIBED BELOW. shares of the The Debentures are convertible Into fully paid and Common Stock of the Company at the rate of sixteen shares of Common Stock for each S100 principal amount of Debentures converted. Since January 1, 1968, the price of the Company's Common Stock on the New York Stock Exchange has ranged from a low of $634 to a high of $17. The closing price on Friday, December 6, 1968, was $14. SO LONG AS THE ia MARKET PRICE OFTHE COMMON STOCK REMAINS IN EXCESS OFTHE PRICE WHICH WOULD BE RECEIVED IN CASH UPON REDEMPTION OFTHE DEBENTURES, IT IS ADVANTAGEOUS TO CONVERT THE DEBENTURES INTO COMMON STOCK PRIOR TO THE REDEMPTION DATE. This conversion can be effected through the conversion agent, .V inufacturers Hanover Trust Company, at its Corporate Trust Department, 4 New Ybrk Plaza, New York, New York 10015. It is Important that Debentures be surrendered for conversion prior to tl te the name of Touche, Ross, Bailey, and Smart with J. Robert Thomas, CPA, and Herbert J. Zimmerman, CPA, as partners. The firm is located at 600 Continental Bank Building. Dated: December 13, 1968 U. Of U. Launches Industrial Program The University of Utah for-- 1 mally launched today it Indus- trial Associates Program, allow-an- d Local businessmen met with Gov. Calvin L. Rampton and university officials at a lunch- eon at the Union Building to hear Dr. James C. Fletcher, U. describe president, the program. It !s of great benefit that Utah Chambers of tte governor are all working to bring new industry to Utah, but it is also important to bring new venture into existing industry and it is important to provide strengths and resources for the enhancement of existing industry, Dr. Fletcher said. pro-uta- He said the university with its In launching the industrial charter of certificate can partic- - program the university can now ipate in the discovery, devel-- l offer services to industry such opment and promotion of Indus- - as providing special symposi-trienterprise, with companies ums, doctoral dissertations, long established in Utah. This is 'access to inquiries to about 100 research projects, consulting vital to a contacts, library facilities, etc. approach to industrialization. al multi-facete- d Joryou at Chief To Speak Bubble-U- p WESTERN SAVINGS Atlanta Advertising dub and the American Marketing Association. In addition to extensive lecturing assignments, he authors a monthly column for the American Marketing As- A. L. Kirk Kirkpatrick, Corp., president of Bubble-U- p Atlanta, Ga., will speak at the Bonneville Knife and Fork Oub, Jan. 14. Mr. Kirkpatrick Is a member of the Atlanta Sales and Marketing Executive Club, sociation. Corporate Statutes 'Need Changes' h Officials of predicted recently that the State of Utah could reap many advantages by amending some of its present state statutes regarding corporate organiza- dure could also help to establish a great deal of ancillary growth in Utahs industrial efforts, the officials said. They added that most forecasters predict sizeable growth for the Western states in the next decade, and with a hospitable corporate climate, Utah would be in a position to attract much of this growth. Pro-Uta- tion. Not only could this provide a sizeable reservoir of new taxes from new business corporations, but such a proce- - V: v Costs May Co Up For Little Investor NOTICE OF REDEMPTION a A new bridal store opens in downtown Salt Lake City Thursday at 16 i S. Main St. Marvin R. Curtis, left, owner of the store, discusses bridal gowns with Helene Kay, bridal consultant. The opening is preceded by a fashion show at The Terrace tonight at 8 p.m. f iftsLrLKi S.L. CPA Firms Merge Ross, Bailey and certified public accountants, have merged with the accounting firm of Birrell, Zimmerman & Thomas, it was announced recently. The new firm will go under dose of business on January 16, 1969, as the right to convert terminates on that date. Notio i hereby givan that in accordance with tha provision of Artie la Four of tho Indenture datad at of Dacambar 1, I960, betwean DELE. WEBB CORPORATION (haralnaftarcalled the "Company") and First National Bank of Arizona, Phoenix, Trustee (hereinafter called tha 'Trustee), with respect to tha Companys 614 Convertible Subordinated Debentures due December 1, 197S (hereinafter called tha "Debentures), tha Company has elected to exercise Its right to, and shall, redeem on January 31, 1969, 102.50 of the principal all of Its than outstanding Debentures at a redemption price mount thereof, together with Interest accrued on the principal amount from Dacambar 1, 1963, to January 31, 1969. Payment of tha redemption price in tha amount of $1,025.00 plus $10.83 accrued Interest for each $1,000 principal amount of Debentures will b made at the Corporate Trust Department of tha Trustee, First National Bank of Arizona, Phoenix. 411 North Central Avenue, Phoenix, Arizona 85004, or at tha off ice of the New York paying agent BankersTrust Company, Corporate Trust Department 16 Wall Street New York, New York 1 0015, at any time on or after Jam ary 31, 19b9, upon presentation and surrender et such offices of the Debentures together with all unmatured coupons, if any, appertaining thereto. On and after January 3L 1969, Interest on tha Debentures will cease to accrue. As provided In tha Indantura, tha Debentures, at tha option of their respective holders, share of tha Common Stock, without may be converted into fully paid and par value, of the Company, at the rata of sixteen share of Common Stock for each $100 principal amount of Debentures convertod. UNDER THETERMS OF SAID INDENTURE, THE RIGHT OF CONVERSION WILL TERMINATE AS OFTHE CLOSE OF BUSINESS ON JANUARY 16, 1969. To convert any Debenture, the holder thereof should surrender the Debenture (together with all unmatured coupons, If any. appertaining thereto) to the conversion agent, Manufacturers Hanover T rest Company, at its Corporate Trust Department, 4 New York Plaza, New York, New York 1001 5, together with a w.ltten notice of his election to convert A Letter of Transmittal containing an election to convert hat been mailed to all registered hold-- rs of Debentures on the date hereof, and additional copies may b obtained from tha Trustee, the New York paying agent or the conversion agent During the period from January 1, 1968 through December 6, 1968, tha prices at which shares of tha Common Stock of the Company have traded on the New York Stock Exchange have ranged from a high of $17 to a low of $6 M, and at the close of business on Dacambar 6, 1968, the last reported sale was at $14 par share. No adjustment will be mad on account of any Interest accrued on any Debenture converted. Counsel for the Company have advised that conversion of Debentures Into Common Stock will not result in taxable gain or loss under present Federal income tax law. Gain or loss will b recognized for income tax purposes to those Debenture holders who sell their Debentures or surra,oderthem for redemption. Del E. Webb Corporation D. E. Stephenoon, Secretary 0. Bridal Store To Open World Smart, Kotice of redemption of y -- Touche, ! their rates from the 6 per cent mark to seven per cent. Its the old supply and demand factor. Weve been expecting the increase for some time, commented A. B. Kesler Jr., chairman of the board and president of Walker Bank. The demand for money is great and the supply is becoming scarce which means that the cost of borrowing goes up, was the further explanation of A. J. Schoenhals, senior vice president of Zions Fist National Bank. Apparently the money centers are going to stay real flexible and I hops the increases will be significant in terms of bringing some oruir into the Mr. Schoenmoney market, hals added. First National City Bank of New York was the first to announce the increase in the prime rate, the interest commercial banks charge their biggest and most customers such as large corporations. This was the second increase in less than a month. The December increase followed action by the Federal Reserve Board boosting the discount rate, the interest charged commercial banks for funds borrowed from the Federal Reserve, from 5 to 5 per cent. The Federal Reserve Board has taken no action on tha discount rate this time and sources in Washington said the prime rate increase came as a sur- prise to the board. Prices on both the stock and bond markets moved sharply lower following the prime rate increase. credit-worth- Copper Corp., that its new $100 million 2 1 New York City. Bank officials in Salt Lake City said today that they already had or would soon raise program has now been eom-non pleted and capital program is com- - itures for 1969 are likely to depleted, should see the highest crease to about $25 million, he production levels for its Utah said. Mr. OKeefe said the conCopper Division in 27 years, said J. P. OKeefe, general clusion of the eight and f month manager. copper strike, In a year-en- d review and longest in the industrys histoforecast for 1969, Mr. OKeefe ry, was the most significant event of 1968. predicted that the division Loss to the Utah Copper Diwill meet its challenge of vision alone amounted to 300,000 plus tons of production m of refined toi about 234,000 and expects to achieve a recwhile estimated losses copper, ord 313,000-to- n capacity. to the state of Utah, based on He pointed out that the last wages, taxes and expendtime the Bingham Mine itures for supplies and serreached this level was in 1942, vices, soared into a range of when production of one ton of $373,000 a day. stripping copper required Fortunately, Kennecott said, away only 133 tons of overburWnen operations started up New DuPont Plant den. Today, due to the declinagain in April, nearly all of ing ore grade, modern men the employes returned to their WILMINGTON, DEL. (UPI) and machines are removing jobs in little more than a Du Pont Co. announced it 389 tons of overburden for weeks time and all of the will build a multimillion dollar each ton of copper. plants were back in full pro- acrylonitrile plant at Beaumont, Another record high is anduction in record time. Tex., to start operating in The copper strike kept the ticipated in connection with operations , in 1969, he said. division from realizing the full State and local taxes should potential of its expansion reach about $18 million and program, but production after the division payroll of more the strike was increased by 29 than 7,500 empolyes is expect- per cent and the division ed to be about $70 million. ended the year with the greatThe large expansion est capacities ever. Kennecott the mutual iitg That's the goal of many stock funds. But how many actually do? If youre in the market for fun, and dont care whether you win or lose well. fine. On the other hand, stock buying may mean to you (as it does to us) the serious business of taking a risk to put dollars to work, and no laughing matter at all. If that's the case, you may want to determine coldly, objectively whether the time and effort youve spent in doing it yourself and trying to beat the funds have paid off. Has your own performance been poor, fair or good? Theres just no way to know, it seems to us, unless you compare your record with that of the professionals. Wed be glad to provide you, at no cost or obligation, the necessary forms and data for checking the performance of your own portfolio against that of average mutual funds. Banks To Up Rate In Utah Utah banks reacted quickly to the Tuesday increase in the prime interest rate of banks in' wide-cabi- Wednesday, January 8, 1969 IF - NEW YORK (UPI) Let the little stock market investor beware. His days may be numbered now that institutional buying has made the odd-lo- t purchaser somewhat of a drag on the Wall Street market. A hint of that possibility came at a Years luncheon reception for New York's financial press. Settling back after pheasant and flaming baked Alaska, newsmen heard Robert Haack, president of the New York Stock Exchange, suggest that commissions on odd lot sales might merit scrutiny. Translation: they might be too low. pre-Ne- SERVING TRAY You'll find many uses lor this attractive, carved wood Monkey Pod from Hawaii. It measures 16 x 9 CAR VACUUM CLEANER The compact Auto-Va- c plugs into the cigarette-lighteof your car. Handy, light weight, powerful. For all 12 volt systems. WOOD matically, during a discussion of how brokers were faring with the backshop paper jam caused by increased volume on the Exsaid the change. Improving, personable Mr. Haack. How about the little investor, the one the NYSE for years urged to buy a share of Ameri can business and the mam moth Merrill Lynch. Pierce, Fenner, Smitn house had courted since 1940 through Monthly Investment Plana (MIP) and MONKEY POD Another gift from Hawaii, this graceful, carved wood server is great for chips, candy, nuts or relishes. SUNBEAM ELECTRIC CLOCK This smartly styled alarm clock has a softly finish fits any lighted dial. room decor. Off-whi- Q CHOOSE ANY ONE OF THESE EXCITING GIFTS its yours FREE when you open or add to your account in tha amount of $200 or more at WESTERN SAVINGS. Your savings earn as much a 5.25 per annum (currant rata on Western Savings Certificates of $1,000 or more on deposit for six months). On regular Western passbook accounts, your savings earn 4.50 per annum, compounded SAVE WITH INSURED SAFETY. Your savings at Western are insured up to $15,000 by the Federal Savings and Loan Insurance Corporation. semi-annuall- other devices? The NYSE will always want and need the small investor, said Haack. But, he added, there is a possibility that the commission he pays might not be tempting enough to the Fra gift offer is good only While supplies last. Limit of on gift per family. Sony, no gifts can be mailed. PARK FREE Downtown: 8:30 a.t.k to 5 p.m. OFFICE HOURS: Cottonwood Mali: 10 a.m. to 6 p.m. daily, Parking Validated at Deseret 9:30 e.m. to 12 noon Saturday Plau and Walker Canter. It came up, subtly and diplo broker. Livestock OGDEN rows arid lls SO lb I1 1010.70; 5 lb 390-4- lb ? - 0 17f1i0j 20. 13 30 14 Hogs-3- 00 lowr; 19 00? lb 17 sows 35; several 200 ?40 scare; bar. bearish and try no to bring live last Into tots ime with carcass realization few tiaueh-te- r lb 2s 145? i evghter and feeder lambs Shoe strong to $o higher; other classes scarce; lamb few lots choice and lb 34 90, feeder lambs prime small lots choice, few fancy 15 110 lb 33 70? tew lots choice, fancy ewe lambs 25 90 Idaho, Utah, Eastern Nevada Weekend teedlof, range sales Trade on steora fairly active, sioightor mostly tower; buyer ateedyj towences very heifers steadvi feeder cattle not tested; slaughter lambs 50 htoherj oil feed-lot- s very muddy and cattla oelnp adjusted for tea. Slaughter steer confirmed K 1 300; 7 00-- 7 Choice 50; let-twestern in Idaho. Slaughter price htfers: confirmed 90; tw load choice lb 36 50; ell lluohter cattle most fob fnediott with 4 $ pc shrink;FebruImmediate delivery end seine Into ary; stock cows confirmed 40; two loads cow choice caivy stock Ian be confirmed 190 00 heed. Slaughter 1 600. choice and prime lbt-P- ) lb wooied 25 50; all f o b. 4 percent shrink Immediate delivery. mgr awmjurwi (stabliha4 im mj t AND LOAN COMPANY Downtown Office 45 East 1st South Cottonwood Mall Office 835 Highland Drive Dial Dial 328-971- 278-046- |