The Daily Herald from Provo, Utah on April 13, 1975 · Page 26
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The Daily Herald from Provo, Utah · Page 26

Provo, Utah
Issue Date:
Sunday, April 13, 1975
Page 26
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Page 26 article text (OCR)

Bank Expands To PI. Grove CARLCARNESECCA PLEASANT GROVE - Carl Carnesecca has been named general manager of the new Wasatch Bank of Pleasant Grove, according to Howard Jackson, president. The new bank, which is presently under construction at 225 South Main Street, is scheduled to open in early June. Prior to his appointment, Mr. Carnesecca was branch manager of the Murray office, Sons First National Bank, and had also worked as branch manager of the Utah National office of Zions First National Bank in Provo. A native of Mapleton, Mr. Carnesecca spent six years in Provo during his banking career, and now resides in American Fork. He is married to the former Diane Walker of Lindon, and they have two children. Mr. Carnesecca attended Snow College and is a graduate of the National Commercial Lending School at the University of Oklahoma. He is a member of the American Bankers Association, the American Institute of Banking, the Murray Rotary club and the Provo BPO Elks Lodge 849. While making preparations for opening the new bank in Pleasant Grove, Mr. Carnesecca is working from offices in the Wasatch Bank at the Orem University Mall, where stock in the new bank is currently available for public sale. "We're looking forward to opening our bank in Pleasant Grove," said Mr. Jackson, "and we're happy to have Mr. Carnesecca as our new manager. His wide experience as a banker in Utah will prove valuable to both the bank and its customers." The new Wasatch Bank of Pleasant Grove will feature four drive-up windows for fast, in-car service, five teller's cages, and a walk-up window for after-hours banking. "This will be a true, full-service bank," Mr. Jackson said. "Our new bank will be one-hundred percent locally owned, and will offer our customers the most modern, convenient banking facilities in the entire area." Boise Cascade Plans New Service Center 'Homes Parade' Sunday, April 13, 1975. THE HERALD, Provo. Utah -Page 27 Business News Business Cutting Fat, Seeking Better Profits By RICHARD HUGHES UPI Business Writer TTte corporate profits picture will be better this year than it was last because U.S. firms are cutting the fat from their operations in the recession, First National City Bank says. In addition, the bank said in its Federal Agency Seeks Change In Regulations Federal Home Loan Bank Board Chairman Thomas R. Bomar . .announced that the Board is proposing regulations to increase the loan - to - value ratio from 80 to 95 percent on cooperative housing projects financed by Federal savings and loan associations. These amendments would make cooperative housing financing by Federal associations comparable to condominium and other single-family dwelling financing. 50th annual report on corporate profits, 1975 profits would not be distorted, as they were in 1974, by inflation and "sleight-of-hand" accounting. "In any event," the bank's economists said, "the quality of earnings reported in 1975 will be better than in 1974 because a larger proportion will reflect a firm's operating efficiency and a much smaller share will be due to the extraneous effects of inflation and accounting changes." The bank's survey of 4,155 corporations shows an average profit gain of 11 per cent in 1974 over 1973. The corporations surveyed had total earnings of $67 billion and a new worth of half a trillion dollars, the bank said. "It was a year that for most large firms began under the constraints of price controls, boomed under double-diget inflation and the scramble to avoid shortages, then collapsed into recession," the bank said. Citibank said several hundred large firms changed their accounting methods to reflect lower inventory profits to avoid higher taxes. During 1974, sugar, steel and petroleum companies reported the biggest profit gains. Profits of sugar producers, who benefited from a 400 per cent increase in retail sugar prices, rose 126 per cent, the Citibank survey shows. Steel profits were up 91 per cent, and oil company earnings rose 41 per cent. But, the bank said, "Inflation worked both ways in 1974 and most firms found their costs were rising faster than their selling prices." INDIVIDUAL RETIREMENT ACCOUNTS (IRA) HARRY N. RISING JR. 35 NO. INIV., PROVO 374-6502 PLEASED TO HAVE completed groundbreaking for this summer's Utah Valley Homes Parade are Blaine Hunter (left) representing Valley Builders Association, County Commissioner Karl R. Lyman and Provo Mayor Russell D. Grange. Twelve homes are slated for display in midsummer. A new Boise Cascade Builder Service Center is now under construction at Center Street and Geneva Road in Orem, according ||| to Harvey Hoff, area manager ||| for the company. i When finished, the company's Provo store will relocate to the newfacility. The new site occupies 10 acres, and the facility should be ready by Sept. 1, said Gerald Anderson, manager. "The new facility will include expanded services for both contractors and consumers in a new 24,000 square foot store and office building," he said. New services will include a modern, pre-hung door operation. Warehousing facilities will include some 15,000 square feet of outside covered storage. The relocation is part of a corporate expansion project designed to provide better, more convenient service to customers by expanding existing facilities and adding new ones, according to Mr. Hoff. "The new site will ..offer the obvious advantage of better customer service and a potential for future growth as business activity in the area dictates," added Mr. Anderson. Builders to Show Skills LOOKING AT how a drafting point affects a fabrication job, Bryan Jacobson, left, chief draftsman at McNally Mountain States Steel, shows Mario Brown, who soon will graduate in drafting at Utah Technical College, what impact his work will have. Utah Tech Students Get Local Training and Jobs An eight-day "Homes Parade" featuring 12 newly constructed homes will be presented in Utah Valley in mid-summer, according to Valley Builders Association, Inc., sponsors of the event. Joe Jenkins, president of the association, said construction is already underway on seven of the homes, and ground will be broken on the additional five before the end of April. Featuring a wide variety of architectural styles, building materials and floor plans, the show will take place in Provo's Grandviewarea. Tours of the homes, plus scores of exhibits and displays, will offer Utah Valley residents an up-to-the-minute look at the latest innovations in home construction, landscaping and decorating, according to Mr. Jenkins. The homes, all professionally decorated and landscaped, will range from conventional to Federal Execs Hold Meeting, Hear Governor Governor Calvin L. Rampton has been scheduled as the speaker at the meeting of the Federal Executives Association for Utah April 15 in Salt Lake City. Gov. Rampton will present some recommendations for areas where improvement is needed in cooperative state-federal relationships. The meeting will begin at noon at the Chuck - A - Rama, 744 E. 400 S., Salt Lake City. Reservations will be accepted until noon April 14 by the officers oftheFEA. comtemporary style, and all will be "family oriented" with three to four bedrooms, double garages, and accomodations. for expansion. Working with Mr. Jenkins in organizing the event - believed to be a first of its kind for Utah Valley — are Blaine Hunter, Valley Builders Association vice-president; Dennis Atwood, secretary-treasurer; Dee Sharp, chairman of the board; and board members Dale Cox, Wes Cordner and Dave Hardy. Other builders participating in the venture include Cal Tippetts, Chuck Bayless, Gene Jones, Steve Frisbee, Paul Tanner, and Richard Christensen. "The whole idea of the Homes Parade," says Mr. Hunter, "is to show Utah Valley what its leading builders have to offer.'' "Home building in the Valley is proceeding at a faster pace than in any other area of the state, and we're proud of this. But we also want to show the world that we are producing some of the finest construction quality in the state. It's time Utah Valley had its own home show." Dennis Atwood commended Provo City and Utah County for their enthusiastic cooperation in launching the event. When Mario Brown of Orem goes to work as a draftsman in June for McNally Mountain States Steel, he'll already know a lot about his job. Mario will graduate in drafting and design from Utah Technical College at Provo at the end of the current spring quarter, and has a job awaiting him at the steel fabricating firm. But he has been working there since last summer on a part-time basis as part of the cooperative program established between Utah Tech and industries and businesses of Utah Valley. Under the program, Mario is one of scores of Utah Tech students who both earn and learn in their field while attending college. Mario has worked for McNally Mountain States Steel some 15 to 20 hours a week since last summer as a draftsman and blue print machine operator, according to Doug Jorgensen, department chairman of drafting and design at Utah Tech. It achieves the dual purpose of providing earnings while going to school, and giving valuable experience in the student's major study with top industrial and business leaders. This is particularly true in Mario's case, because,his boss is another Utah Tech gradute who is now chief draftsman for McNally Mountain States Steel, He is Bryan Jacobsen of Pleasant Grove, who graduated in drafting from Utah Tech in 1969, went to work at McNally Mountain States Steel some three years ago, and now chief draftsman for the firm. so f nip pen NEW FROM An exciting new gift idea from Cross-refillable soft tip pen in 12 Karat Gold Filled, gift packaged. $18.50. Mechanically Guaranteed For A Lifetime. Graduation Gift 373-2430 225-9529 489-7469 UTAH Q OFFICE SUPPLY §9 IdJt Center, Provo 749 South Stole St., Orem 191 South Main, For the Young, the Bold and the Brave The Escadrille Viracle Suit by Hart Schaffner & Marx For the Escadrille man, the man who's on to a new thing before anyone else knows it's around. Like this Escadrille' Suit of crisp, lightweight Viracle'- in a cool Mint Green plaid, Hart Schaffner & Marx" tailors it in the spirit of Escadrille. Slim-lined. Center vent slashed high. Trouser pockets smartly angled. Not everybody will be wearing this suit. That's the whole point. $ ]95 16 WSST CiNTf R , PRQVQ

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