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Show iiitiyiiryiH.ii qw1ttr'W'9WrV rw ulOptrwr' Black Ink For Symphony By DON C. WOODWARD back on its services, the symphony this ear will ' be expanding them. Moreover, it is very close to its goal of raising $1 million to meet a Ford Foundation matching grant in an equal amount. Peseret News Business Editor All too many orchestras icross the country score their music in an accountants red rather ink Beeththan black. oven doesnt That seem to be the case with the Utah Sympho. cert. Traveling is a very big item in the symphony's program. Long ago, under direction of Maestro Maurice Abravanel, the symphony began taking its music to the people. It played in Utah cities where a Nevertheless, its quickly apparent that a major reason why the symphony is able to continue operating in the black is the willingness of its members to play for wages below their abilities. In effect, ny. The time during the season to and from concerts outside of Salt Lake City travel that frequently means four to eight hours of bus travel per con- Utah is Scmphony one of the few orchestra had never appeared before, and thousands of school children symphony they subsidize it. began trooping into gymnasiums across the state to hear the musicians. For example, the minimum a Utah Symphony receives per concert according to figures before the last Legislature. Performers at the Valley Music Hall or Pioneer Memorial Theatre receive a minimum of $21 per concert. Moreover, they are not paid for gome 283 hours of travel major orchestra s which pays its own way, according to a recent survey by Time mag- amount musician is $12.50, presented azine. That doesnt mean the symphony lacks money problems far from it. The problems are there and they are very real. But rather than cutting In retrospect, this may have been one of the orchestra's most important decisions, since It helped build a wide base of public support wicli helped the orchestra win a $100,000 appropriation from the last Legislature to con tinue giving its school concerts. During the 1988-6season, the costs of underwriting the school ran to $140,000 and for community concerts it ran to $48,000. We've played in communities that other orchestras wouldn't think of going to, said Sliirl H. Swenson, director of promotion and developWhile they can't alment. ways pay the whole cost, they at least make an effort to do so. Each concert on tour costs about $1,000 a day for food and lodging. The musicians themselves are paid under wmwvv-s- v . - this endowment, the In pilect, it will face a drop orchestra would be assured of in contributions at the very a continual source of revenue time that it needs extra and the endowment itself money to maintain its status as a major orchestra. promises to keep growing. We now have pledges of Swenson explained it this more than $950,000 and we've 'wav: The American Symphocollected about $550,000, said ny Orchestra League sets the Swenson. And all of the cash criteria for a major orchesis invested and drawing tra. At the moment one of interest. these is that it operate on a Actually, the Ford grant is budget of $500,000 or more. not without a few problems. That standard will be raiser! The Ford Foundation contribto $1 million by 1972 which utes $100,000 in means that the otchestra's hinds annually while the orbudget of $775,000 fer this chestra is trying to meet the year would not qualify. deadline, and it contributes Projections are that the $1 the interest on the $1 million million standard will be met contract, and they receive the winch has been placed in in 1971. Anything less will same amount whether they trust. Thus the total yield mean a loss of its national from Ford each year is classification are playing or rehearsing. as a major but after the orchestra which is vital to the This traveling to all areas $165,000 of the state also helped the funds are raised after June, national and international orchestra win its offer from 1971 the Symphony will re- demands for its services. the Ford Foundation. Ford ceive only inteiest on the Last season, the orchestra said it would donate $1 mil $2 million. $714,000. Of that, budgeted $155,000 came from earned income. The rest was from contributions ($255,000) or appropriations from various government units. Its earned income comes from ticket sales, sponsors fees, paid adveitising in programs, and royalties from Vanguard records, for which it records. One of the big reasons why the orchestra is able to keep its accounts in line is that it operates on a basis, said Swenson. It first determines how much it can count on before it outlines a program. , Other orchestras have gotten into hot water because they dipped into their endowments to meet cunent operating expenses. Swenson also credits the orchestras officers and directors for much of its success. We would have to pay a quarter of a million dollars a year more for the time these lie people put in for free, added. Thrf directors include many of the state's leading businessmen with Salt Lake advertising executive Wendell J. Ashton serving as presi- 'a' t- - v ffp . .. ( : ' ..w.wBw-.t v. . lion. With ,, !i- - ,v $ 4 )&? Y Y - $ IK &&$ ' rV A! X 5 A... I S' 7 v 'a r .iisYiPir' pre-budg- dent. national A board has also been School concerts, such up&l Notes Auftomofive Firm Tops An supplier, Hayes-Albio- n Corp., has been selected as the stock of the week by the Electronic Stork Evaluator. HAYES-ALBIO- ings pf $4.50 per next 12 months. dividend of $1.90 KENTUCKY FREED CHICKEN CORPORATION (41) KFC grants franchises for preparing and selling Colonel Sanders Recipe Kentucky Fried Chicken, and operates a d of company-owneseries e outlets. An retail International a g g r e s sive expansion program, coupled with acquisition of a fish and chips operation, should aid future growth. Earnings for the 12 months ended March, 1969 were 97 cents per share compared with 63 cents per share for the previous 12 months. ESE estimates earnings of $1.80 per share for the next twelve months. An annual dividend of 10 cents per share is paid. Your broker will be pleased to furnish you with additional (202) HAY derives s of its output from automotive customers. Strikes, expansion, and rising costs, reduced 1968-6profits. Howto inare sales expected ever, crease for the fiscal year two-third- take-hom- 9 should The company 1969-7- IL I AUG ISEPTl OCT I NOV DEC JAN also benefit from larger production capacity. Earnings for the twelve months ended April 1969 were $2.12 per share compared with $2.33 per share for the previous 12 months. ESE estimates earnings of $2.40 per share for the next 12 months. An annual dividend of $1 per share is 62 paid. 47 Graduation Larry D. Brower, public relations officer for the First Security Company, has graduated from the school of Bank Public Relations and Marketing at Northwestern University in Evanston, HI. FEB 53 I t 50 ' j .5 f it 1 . Federal Ae4UerUa 4 State, S.I.C. T. 52 WEEKS 1968-196- H' 9 information regarding above securities. Dean Witter & Co Incorporated Research Department rilELPS compared with 61 cents per share for the previous 12 months. ESE estimates earnings of $1.25 per share for the MASONITE TION (56' j) MNC CORPORA- is the larghardboard. timber sales, improved efficiency, and the development of new types of hardboard with a variety of finishes, should aid income. Earnings for the 12 months ended May, 1969 were $3.86 per share compared with $1.70 per share for the previous 12 months. ESE estimates warnings of $4 per shaie for the next 12 months. An annual dividend of $1.20 is paid. est producer DODGE CORPO(41) PD is the second largest domestic producer of copper. Most of its output is fabricated into rod, wire, cabie and tubing. Greater volume, recent price increases, the absence of production losses from strikes, and a continuation of a high demand for fabricated products, should RATION next 12 months. No dividend is paid. of further increase earnings. Earnings for the 12 months ended March, 1969 were $4.15 per share compared with $1.48 per share for the previous 12 the Th Electronic Stock Evaluator Corporation of Rodcvilla Centre, New York hat selected tha five securities listed fundamental above for outstanoinp market intervalua and est. ESE us to perform computer dona by individual task commonly research analyst. However, the computer has the advantage of speed, enabling ESE to analyze approximately 2,500 securities each week. In torecast-in- g the price action of a security ESE obtains estimates of earnings, dividends from different and several sales sources, and programs a consensus of these estimates Into the computer. Tha computer then assigns a rating to the security which serves as a guide for made by ESE. the recommendations Since the rating assigned to a security Is largely dependent on the estimate obtained by ESE, the accuracy of a recommendation is dependant upon the accuracy of tha estimates obtained. In this respect, the Individual research analyst and the computer are subject to the same limitation. General economic national conditions, crisis, or news also events which are unpredictable may hove influence on the securities that are recommended. Utah Power and Light Co. showed a net irrome cf an Increase of $1,389,452, $321,249 over the June 1968 figure, according to a UP&L Interim report for June 1969. UP&L received a gross of $7,226,303 compared to the June 1968 figure of $6,495,399. Operating expenses totaled an increase of $5,077,014, from last $200,000 nearly June. Revenues to date this year total $42,064,318. Revenues total $83,464,266 for the past 12 months. Expenses to date add up to $29,522,281. Over the months the total expenses were $58,292,263. Electric energy sales 12 past kilowatt totaled 467,179,000 hours. Of that, 104.5 million was residential, 85.9 million commercial and 241.5 million industrial. dential sales were $2,308,000; from commercial sales $1,782,000; and industr.al sales contributed $2,583,000. Other energy sales amounted to $398,000. Steal $25 Battery car battery was stolen Tuesday evening from the car A $25 of Louise Wagner, 1632 North-woo- d Ave., while the car was parked at her home. I s $ ' A Saturday, V s - By DEAN G MILLER UPI Business Editor - NEW YORK (UPI) On June 2nd in Istanbul, Arthur K. Watson coldly but patiently explained to Russian business leaders and 1,800 other delegates to the International Chamber of Commerce convention why the Soviet economic system is doomed. I was sitting behind three Soviet delegates, and they were so angry and flustered by the speech their necks reddened, recalled one delegate. But they took a lot of notes. Watson, chairman of IBM World Trade Corp. and outgoing ICCC president, cited statistics and history in an indictment which labeled Soviet a monumental agriculture failure. UNCORKS SHOCKER With delegates' front ' 80 countries, including the entire bloc European Communist and 70 top U.S.. executives, gathered in Istanbuls huge Hal 1, Watson to uncorked an eyeball eyeball analysis which told it to Moscow like it seldom, if ever, heard before from a businessman. The IBM head Cultural thought it little short of incredible thrt an industrial country such as Russia had to use half its population to produce food. Watson noted that PRECIOUS CARGO Low coit Trip Jnturonc can you, pcncnal -- fftctj and atu, needed medical attention (or vacation injuries. Avoid serious financial drain. It's worth a call to your Independent Insurance Agent. SEE A PRO COST ACCOUNTANT fremed. Terms: Mendey Ivening, July Shewing at A SO p.m. Sale ttarta 7.30 p list Vice-Preside- Cesh Checks with pnsr arrangement I. Mann Associates r S !raniiiiiiiimmimBHiiiimimuiMM)nua(rBE'leluul,' 4 A$r given just three years ago. It will travel 15,000 miles (compared to 10,000 miles last season) and expects to play to more than 350,000 persons in 70 different cities in the West. Among the major events is a tour of the entire Wei Coast under auspices' of Columbia Artists. ' And perhaps just as important, it is booked into Randolph, Morgan, Heber A aqd Loa in Utah places that have never been able to have an .orchestra before. .. only 5 per cent of the U.S. population and 15 per cent of et the Common work for ce are engager in agri- since he said, because rigi state controls eliminated flex bility and ingenuity after th initial outburst of nationalistic energy. Russians, especially the farmers, also refuse t$ work hard and efficiently' b$ cause they . have.' no direct stake in the results." f'-k- culture. Russia will fail In the service and knowledge segments of the economy, said Watsoni for the al same reason its collective farms slow its economy today; the lack of overall flexibility and individual incentives. ' the 1950s, 'HOME AUTO BUSINESS For Personal Service Call Ed Henry RICHARDS WOODBURY I HeJierJ. Grant & Company INSURANCE for Every Need AGENCY Ph. 359-37- 16 NO. v STREET Ph. 328-499- 1 78 20 So. Main'S. not-e- n said Watsei of this, They quietly introduced prof its into parts of their economic system in 1965, a move the Chinese branded as herat cal. has been faltering . OP CONSOLIOATEO REPORT OP CONDITION Walker are The Russians 5 aware RIGID CONTROLS The Soviet collective system, which performed well in Bank & Trust Company AND FOREIGN AND DOMESTIC SUBSIDIARIES OF SALT LAKE CITY, SALT LAKE COUNTY, UTAH 8411 BANK N9 AT THE CLOSr OF BUSINESS ON JUNE 30. 1969. A STATE INSTITUTION ORGANIZED AND OPERATING UNDER THE BANKING RESERV6 LAWS OF THIS STATE AND A MEMBER OF THE FEDERAL SYSTEM. PUBLISHEO IN ACCORDANCE WITH A CALL MADE THE STATE BANKING AUTHORITIES AND BY THE FEDERAL RESERVE BANK OF THIS DISTRICT ASSETS Ch and dua from banka (Including S120.378.- 4- unposted 49,966,666 26 debits) 25 907,603 W U.S Tretsury securities 19,510-556 Obligations of State and political subdivisions 5 3,811 8B Other securities (including no corporate stocks) 394,971.33 Trading account securities Federal funds sold and securities purchased under egret- 600,000 09 ments to resell - 188,723,629.66 Oltitr loans assets other and fixturesBank premises, furniture end 6,655,409 ?7 representing bank premises 66,444 20 Real estate owned other than bank premises 5,901,717 84 Other assets , . ... - TOTAL ; ASSETS $295,240,899 11 LIABILITIES Demand deposits of Individuals, partnerships, and corooraS101.607.0J6.LR . lions . Time end savings deposits of Individuals, partnerships, 51670 $112,314 and corporations 5s2 859 03 Deposits of United States Government 27,786,961 3 Deposits of States and political subdivisions . .... - 6,516,120 5 Deposits Pf commerc'al banks 4,559,422 Certified and officers checks, etc. $253,316,906 54 TOTAL DEPOSITS$127 011 042 26 (a) Total demand deposits $126,305 864 28 (b) Total time end savings deposits Federal funds purchased and securities sold under ?,750 000 XM agreements to repurchase - 7 000 00 0 0(7 Other liabilities for borrowed money 6,029,928 51 liabilities Other ..$269,096,835 05 LIABILITIES RESERVES ON LOANS AND SECURITIES to on loans pursuant (set up Reserve for bad debt losses 3 2168)7 23 IRS rulings) TOTAL LOANS AND SECURITIES CAPITAL ACCOUNTS Capital notes and debentures total of Items below) (sum Equity capital, Common stock, total par value 946 066.) authorized, shares (No. (No. shares outstanding 946,066 ) .........ww. . Surplus Undivided profits TOTAL RESERVES ON TOTAL CAPITAL ACCOUNTS year experience in manufacturing operation. Knowledge of developing and installing standard cost system absolutely essential. Supervisory ability, aggressiveness, ability to work with people are all pluses. Accounting degree desirable. Send Resume with salary requirements to Chester Shan, Dorfile Manufacturing Company, 3800 S. E. Naef Road, Portland, Oregon 97222. ' 4 July 19, 1969 ................ to five f Chairman T ells Russl Why Their System Fails I POSITION AVAILABLE at least three f MS g ' Revenues derived from resi- r TOTAL LIABILITIES, ACCOUNTS 3724 So. S3C8 I. Svll Ufa City, Utah 14109 Ph. 1 CLOSINGS FRIDAY MsvwyfiNS stiWivv1 Time: fiv4nhl Mr APR MAYl JUNJU 56 Approx. 170 original oils NEW Location: I 59 with All tttt MAR KgSTOCOXCHAIjjGg FOUR STOCKS OF INTEREST FOR POTENTIAL CAPITAL GAINS: CORPORATION BERMEC (12s) BMA is a major leasing concern for commercial and industrial users, and is also a leader in the cattle raising business. A slowdown in cattle sales (resulting from the new tax proposals) reduced earnings for the fourth quarter. The company has embarked on an acquisition program in the leasing field. Earnings for the 12 months ended March, 1969 were 76 cents per share share for the An annual per sharo is paid. CORFO-RATIO- N NeHnconte months. ESE estimates earn- automotive appoint- ed. The orchestra will go into the new season with an ambitious schedule. It plans nearly 170 performances twice the number of concerts that were as this one at Intermountain School, rate high on the priorities of the Utah Symphony Orchestra. STOCKS OF THE WEEK advisory Maestro Maurice Abravanel has lead orchestra in its music and development both. ... RESERVES 3,216,817 $ 23 000 00 I'- - 727,246 83 i ,912 91 50 3 1 200 0,4. 87 ,087 50 3,77,246.83 22,92) 246 83 AND CAPITAL $295, 240, 899. H MEMORANDA Average of total deposit for the 15 calendar days ending $253,332,508.00 with call date Average of total loan for- - the 15 calendar days ending $188,825 831 00 with call date I, a. B. KESLER JR., President and Chairman of the Board, of the Is true of condition that this declare report bank do named above hereby to the best of my knowledge and belief A B. KESLER JR We, the undersigned directors, attest the correctness of this report of condition and declare that it has been examined by us and to the best Of , our knowledge and belief is true and correct JAMES BYERS T WM COCKAYNE JOSEPH S JONES. Oirettors of Financial Institutions STATE CF UTAH, Department I, SPENCER C. TAYLOR, Chief Examiner, do hereby certify that the a true correct is and copy of the statement of the above named foregoing bank, Med In this office on July 16 169. SPENCER C. TAYLOR, Chief Examiner STATE OF UTAH, COUNTY OF SALT LAKE- Sworn to and subscribed before me this 16th day of July, 196f, VELMA SUE LiNCK, Notary Pubiu. Commission Expires May 25, 1971 i srfrtiVijij . J , , t ( 4 4 e . |