The Salt Lake Tribune from Salt Lake City, Utah • 14

II The Salt Lalie Tribune Tuesday January 28 1958 I Here and There First Earnings Zion Officer To Guide Mines' Markets Business News AP-UP-INS-New York Times Banker Sees Long Battle Against Reserve Board Chile Favors Kcnnecolt Copper Plan Dow-Jones Service SANTIAGO CHILE Kenne-cott Copper Corp and the Chilean Copper Department committee have reached an agreement under which Kennecott will 'not have to make the 10 pep cent reduction in its Chilean output as recommended by the government SEVERAL WEEKS ago the Chilean Copper Department proposed that large American-owned -mines in Chile reduce their 1958 production by 10 per cent of output -A statement by the department which had been holding meetings with -Carl Lenz president 6f Kennecott Sales Corp said that Kennecott would "adjust its global production" to meet demand KCC in 1956 produced 582223 short tons of copper at UJS and Chilean mines Production in the US totaled 402309 and in Chile 179 914 tons Under the agreement with Chile Kennecott will reduce its world production by 60000 tons The firm presenUy Is pulling Into effect a 12 per cent cut or 3800 tons monthly at three of its UJS mines ond vice president William Langton is third vice president Quayle Cannon was sustained as executive secretary Air Brady is native Utahn and graduate of Georgetown University Washington DC Fpr the past six years he has been general manager of Zions Securities Corp realty arm of the Church of Jesus Christ of Latter-day Saints Today in Business Banks Across State Note Decline of Total Deposits and stockholders' but to the banking profession generally" Mr Cosgriff says have long been of the opinion that commercial banks generally have qot treated their savings depositors fairly In the matter of Inter CASES have come to our attention In the past where banks paid little or no Interest on savings accounts These banks undoubtedly reasoned that slnce large commercial (in? terest-free) deposits were available to them savings accounts represented more trouble and expense and should therefor be discouraged" He said the postwar battle for the dollar has changed this including the "enormolis rise of savings and loan associations with their more aggressive investment policies as well as the general availability of other types of similar investments such as the US government savings bond have now created an extremely competitive situation in this field BANKERS have de-plored the rise of these savings and loan associations without being willing or able to do anything themselves which would correct It that the has been they are anxious to the by attempting to pass punitive legislation" against savings and loan associations and others rather than to recognize that an improvement in this situation must be sought by a change in bank policies and laws governing them rather than by external attack on savings and loan THE BANKER goes on to discuss a chart introduced in the Federal Reserve case hich discloses that any who invested $5000 in 1945 in any of the then existing commercial banks in Salt Lake City would have received $32308 more on his deposit at Continental than at the nearest rival bank" Walter Cosgriff president of Continental Bank Trust Co Monday advised shareholders not to expect an early termination of the bank's contest with the Federal Reserve Board He said the bank hak more than held Its own to date In the battle which fcould last another three years -Mr Cosgriff also advised his colleagues In the banking business In Utah to quit "attempting to pass punitive legislation against savings and loan associations and and "recognize" that an Improvement in the ability of banks to compete for the savings dollar can come by "change in bank policy and laws governing" banks rather than "by an external attack on savings and loan companies" CONTINENTAL BANK reports net earnings before dividends but after allocations to reserves of $365472 in 1957 compared with net of $327587 for 1956 Mr Cosgriff s' remarks were contained in annual report to shareholders The banl holds its annua stockholders meeting Tuesday at 2:30 pm in Salt Lake City Mr Cosgriff said In the report that earnings were "quite satisfactory" in view of the $80000 to $85000 direct and indirect expense of the battle with the Federal Reserve over demand by the government agency that Continental Increase its common capital stock BELIEVE however that in the entire history of this bank money hai never been spent for a better purpose" Mr Cosgriff said our case against the Federal Reserve has now passed the acute stage ie the public hearings it is probable that our expenses may well decline in the he said The Salt Laker said he regarded the Struggle with the board over definition of capital adequacy and whether the board has authority to force an increase in bank capital as "an extremely valuable contribution not only to the welfare of bank For the first time in recent years Utah's banks recorded a decline in total deposits Big decline was In demand deposits Seth Young bank commissioner said that as of Dec 31 1957 the state's 49 banks had total deposits of $341984213 This compares with $844 744331 on a like data In 1958 I Pierce Brady Elected head of apartment group TJie change Is believed more a result of competition for savings by other financial Institutions rather than a reflection on any economic change in the area The banks did report a six million dollar gain in assets to $916799121 Accepts Speaker Role Metaliurgi-4 Walter Cosgriff Net earnings rise at Continental Mart Rides Rails ToSlight Dip toned by Death- New York Time Service NEW YORK Jan 27-Stocks ended mixed and slightly lower Monday after a session visibly affected by spot news developments Principal influences were the Saturday suicide of Robert Young and developments firhis companies Alleghany Corp and New York Central an interim fare increase for the airlines and a sharp jump in London copper futures VOLUME ON the New York Stock Exchange was 2320000 shares against 2828330 shares Friday Of the 1159 issues traded 461 fell 445 rose and 253 closed unchanged There were 35 new 1957-58 highs and four new lows Alleghany Corp holding company controlling New ork Cern tral was the most active stock trading 80000 shares and rising to 514 In 1957 It had 'reduced output an estimated 500-tons at an other UJS minqX This would luring total reduction at UJS proper ties tqabout 51600 tons a year 1957 Chilean production is estimated at 172000 tons This is about 8000 tons below 1956 Thus Kennecott apparently has made reductions near the 60000-ton goal acceptable to the Chilean government already Agents Report Slide NElW YORK Purchasing agents reported the "downward slide" in business continued in January Their trade association said its monthly survey showed production pf 48 per cent of the firms contacted was down from December Butit added significant number of our reporting members believe we are at or near the bottom" now Joins Square Staff James Dlven a former engineer for Idaho Power Co has liv'ned the growing staff of the recently estab 'A -llshed branch of 1 Square Co of Salt Lake City pi 4" Reel Richard- 1 son 1 strict 'S Lmanageran-ixnou ed Mr fjkDiven will be i acting field man I ager for the firm vin the Inter-Mr Richardson mountain area Mr Richardson branch man- pierc? vice president and a ager is a native Utahn and a electrical engineer of University of Utah Roger Pierce mining consultant of Salt LakeoClty will be principal speaker in New York CJtjT Feb 16 atAhe Coun 4 cllxfl American institute of Mining eal and leum Engineers It was announced Monday Hie council will meet at Ho-Air Pierce tel Statler Mr director of AIAfE The council meeting coincides at opening of convention Feb 16-20 of AIME First Security Corp regional bank holding company Monday reported net earnings of $3910 775 equal to $339 a share lor the year 1957 George Salt Lake 'City president told the annual stockholders meeting Monday the earnings compare with $3 468243 or $301 a share In 1956 The figures are after reserve adjustments and tax deductions Total estimated taxes paid during the year were $3927y 892 Mr Eccles reported a erable expansion In most lines of the bank's business During 1957 First -Security Bank Sys- fern made 117163 loans at $134 506755 Some 114292 loanswere made In 1956 Consumer install ment lending totaled' $125649-880 In 67685 separate transac- tions while realty loans (2737) hit $25179880 dmimercial and agricultural 'lending was $283378929 The barPfcta 156308 savings ac 7" counts at end of the year and 155059' checking accounts The m- system paid out $4279678 in In fh terest during 1957 to its savings account customers -Adding 94518 borrower ae-! counts to savers the bank sys-j tem reports servicing of 405885 i customer accounts during 1957 1 FOUR NEW BRANCH opera tions were added In Utah not counting the three offices of Union Bank and Trust Co in Salt Lake City which First Security Corp acquired last year First Security now has 70 offices In Utah Idaho and Wyoming and facilities at six military installations Air Eccles told the stockholders that the federal government was making efforts to stop the downturn in the national econ-- noting the two reductions in the rediscount rate by the Federal Reserve BE SAID THESwas a "better balance" between savings accumulated by the American public and the capital demands by business for expansion He said defense spending now being boosted will be a "business tonics" "The year 1958 should show some additional downturn with a leveling out and then an up- turn before the end of the year" Air Eccles said i' v'The real problem ahead Is not deflation or recession" he said "but is one of providing full a high level without uncontrolled inflation He said while there is "no fear of the future" there Is In Muddle on Phone Attend If there is a big question In your mind about how you should fill in your Income tax return to effect a tax savings phone your question to Tribune 1 1 Information EL 5-7511 and come to free income tax forum to hear the answer The forum last of a series sponsored by The Salt Lake Tribune and Utah Association of Certified Public Accountants will feature 'four certified public accountants as a panel of experts on income taxes The meeting will be at 8 pm In Orson Spencer Hall on the University of Utah campus Admission will be free TRE PANEL will spend 60 minutes discussing final steps In income tax returns for individuals and will devote 30 Enter RUSS BALLARD'S CAR SAFETY- CONTEST Starting Wednesday January 29th 6 pm SEE OUR AD WED FOR COMPLETE RUSS BALLARD AUTO INC '633 South Main is 85 George 8 Eccles Report expansion of First Security a -need for "real courage and statesmanship" He said business and labor must cooperatively build together and that "some controls should be exercised with radical elements in some unions to help halt the wage-price spiral FIRST SECURITY re-elected the following directors: 7 Anderson A Ben-ning Marriner A Browning Val A Browning Dee Ec cles Willard Eccles Harris Fletcher Scowcroft all of Ogden Ralph Comstock Driscoll Simplot all of Boise Louis Backman George Eccles Marriner Eccles Harter Alof-fat Nightingale Stuart Siddoway Fred -E Smith all of Salt Lake City Pratt Thomas Spanish Fork Emerson Lewiston Idaho Robert Hinckley New York Allen Christensen San Francisco Arthur Stoddard Omaha and Aydeiott Denver Stockholders re-elected the following First Security Corp officers: Marriner Eccles chairman of the board George Eccles president and general manager Alarriner A Browning vice president Willard Eccles vice president-secretary-treasurer Thomas Hawkes vice president and comptroller Elroy Nelson vjee president and economist Benzley assistant to the president Grace Madson assistant secretary-assistant treasurer and Hermansen assistant comptroller Tax Savings? Free Forun minutes to answering questions submitted by the public Members of the panel will Include If Darrell Griffiths Provo southern region vice president of the CPA group moderator Fred Oliver Warren Anderson and Ralph Neilson Salt Lake City Specific topics for Thursday's free discussion will Include answers to the tax problem distributed free to all who attended the Jan 23 session computing business income and expenses computing tax for self employed individuals and the declaration of estimated tax Thiokol to Form Combine With RMI in Rockets NEW Thiokol Cheml-' cal Corp operating a solid fuel rocket- -pkmt at Gityr Utah and Reaction Motors Inc have agreed to feqn an en larged unit in the growing field of rocket power Dqw-Jones learned Thiokol is a leading builde) of solid fuel rocket englnesTand RMI Is an Important devetqper of liquid fuel rocket motors It understood that Reaction io-tors common shares will be Jpx-changea for the Thiokol common on basis of 1V4 RMIa for each of Thiokol Stockholders of each firm will be asked to approve the deal There are 247000 RMI shares outstanding In 1 938 First resources totalled $39 million Today they're $500 half-BILLION or 12 times larger The reason why a bank grows is because people do business with it Aud it is a pros cnpicupt (hat business goes whpe business is and appreciated 1 Our growth has resulted from good banking service and dedication- to the principle that money entrusted to our care should be put to productive use to help build the economy of the Inter- I t1 tilVUiliaiirTsi in I 1 llCbC ItlllUla together with sound banking pnictices-and the advantages of an integrated banking organization we believe will continue to attract new customers to First Security If you arc not already enjoying tlie advantages that First Security Bank offers we respectfully inuFeybu to open an account and to do business with th For statement OF CONOmON DECEMBER Combined Statement' Condensed Srafemen SECURITY- BistSECURITTBAMK ORAoN OF UTAH Svslem of Banks Katwnal Association System RESOURCES 6695B3l7 7 1 n2 a Due from Banks 9247497 -SS7 Sg 1 7'' 1773454877 9 46309999 Loans and Glaranteed- 0 5 J50 00000 Kans Federally Insur 585000000 161063996 Banking floincCompany--- 96225986 720 00000 Stock mBankBmldmg 420000M Tountaw" 28500000- LIABILITIES 7000 00000 11875000-00 7000000 00 432463368 Capita' 2 657 03737 mSU dPblcFund Account sifs 854830267 Demand 7(5163x44 -097 49 30IS0MW 1 '2 12856254 490721 46 ocXb'c r-swjgHiy UTAH DEPARTMENT OF FISH AND CAMS Amendment No 1 to the 1958 AniUnc Proclamation An amendment to the I9B8 Angling Proclamation a advertised December Ln Tribuna a daily newspaper published in Salt lake v-ity Utah WHEREAS The Fish and Game Commission of the State Utah has deemed it advisable to make certain chanffee in the regulations as advertised 1958 Angling Proclamation to permit year-round fishing in the entire length of Pi ice River proper downstream from the outlet of Scofield Reservoir and does hereby declare and proclaim under authority of Title 23 Session Laws of 1953 that these refutations shall be altered as above and become effective January 29 1958 This amendment shall alter 'only those provisions effecting the Prlre River in the area specified all other provisions of the 1958 Angling Proctama tion remain in full force and effect UTAH STATE DEPARTMFNT OP PISH AND CAME Signed i White Commission Chairman (Signed) Harold Crane Acting Director Ruberrfbed and sworn to before me this 27 day of January 1958 1 a Armond Carr foUrr 033ICiro it 1 Uj'.