Show STANDARD-EXAMINE- R SUNDAY JUNE 13 19-9BUSINESS EDITOR: 625-42- 45 STOCKS LY WEEK Jones industrials Shop around for rates when financing home By RANDALL SMTTH Wal Seeet Jcxnat YOUR Ml mortgage rates returning to the levels of 19V 3 here’s a of getting an even better deal on what may be our largest single financial transaction The strategy? Hold your own auction by getting multiple bids from several different banks The goal is to avoid being trapped in an application process with one lender - or even a mortgage broker - who may not offer the best terms when it actually comes time for the applicant to lock in a rate That can easily happen because banks change their mortgage rates and sometimes their fees on a daily basis The lender that has the best deal when you fust shop around may not offer such a great bargain by the time you actually apply Paul Haveman a mortgage analyst at HSH Associates in Butler NJ which sells data on mortgage rates to consumers notes that banks don’t usually change their rates in lockstep with the market “It's like a horse race" he says With mm ersonal Finance “They don’t all move instantaneously" Moreover Roger Hamngten a mortgage adviser in White Bear Lake Mum notes that some banks may even feed misleadingly low rate quotes to customers who aren’t ready to submit their application only to raise the quotes later when u s time to set the actual rate To be sure obtaining multiple application forms and related material from several banks is and many people won’t want to go to the trouble But the stakes are huge Saving just of a percentage point on the interest rate on a $150000 loan adds up to $5625 over the course of a mortgage And it needn’t be quite as cumbersome as it sounds because most banks use a standard mortgage application which they then combine with several of their own forms Just fill out one standard application and keep each bank's own forms handy for when you decide who's offering the best mortgage deal Intrigued? Next time you apply for a mortgage follow this process: B Select five or ten banks you want to consid 30-ye- ar SLx-st- Dow er The best tune to do this is when you are getting senous about making a decision on which house to buy but before you have a signed contract You may obtain bank names from friends e who have mortgages from your broker from ads m the newspaper or from data services that track bank mortgage rates B Call each bank to find out whether they offer the kind of mortgage you need Some New York banks for example won’t make loans for apartments Other banks won’t make loans for homes that aren’t owner occupied Also check each bank’s current posted mortgage rates and other fees and charges it imposes For those banks that seem to qualify ask them to send you an application package Some banks will ask you to come in to the office to talk with a sales representative But that may be premature and it may be an effort to tie you up as a customer before you have a chance to shop around “Most people who start with one bank aren’t going to go to somebody else" Mr Hamngten says "The first good salesman who STRATEGY on 6F real-estat- 8380 at 451079 The week's stocks - Pages 4-- BR5EP OASES Wrongdoing by stock brokers Fines often fail to deter violations study finds 2F NATIONAL jtreet ‘Pictty soon well all be driving Ford Fairlanes at Mercedes prices Utah customers could see 9 higher prices to finance lower costs for California - Ken Powell festival introversy Surge seems there’s never a dull mo-leon Ogden’s Histone 25th reet The latest news is that feet is abuzz with complaints the 20th Annual Street Festi-le- d for July 15 concerns are: tame revelers get out of hand linking beer sold by the city reet booths They run in and businesses looking for rest-Im- d causing problems ke city sets up two stages on reet with typically loud mulcting crowds that some es consider undesirable ?me 25th Street businesses Ights jnd the Daily Grind tng it They plan to close lie Street Festival Harwood owner of the lb and Brewskis says the festival is typically her best nt in power bills? LP Indicted In Colorado DENVER - A federal grand jury has indicted Louisiana-Pacifi- c Corp and two of its former employees for allegedly falsifying emissions reports from its Montrose Colo waferboard plant US Attorney Henry Solano d said th8 Portland company was named in 56 counts The two individuals former mill manager Dana Dulohery of Nickelsville Va and former mill superintendent Robert Mann of Cedaredge Colo each were named in a lesser number of the counts The maximum fine for the company would be $500000 upon conviction for each count Last week's indictment alleges the company Dulohery and Mann violated the federal Clean Air Act by tampering with a monitoring device at the plant between 1 938 and 1 992 so air pollution readings were lower than they actually were Ore-base- Louisiana-Pacifi- THE BOTTOM LINE Steve Green Business Editor Greyhound stock climbs the year and those private vill be open But even Har- s criticizing" what she calls oiled beer sales by the city problems for fellow 25th t business owners The city is serving beer all over lace” Harwood said “We’d be keeping it in one place like a garden” rer Tins is the first big challenge for a Whiting of The Handlers and newly elected sident of the Historic 25th Street smess Association “A lot of busmesses are going to se the day of the festival” Whit- ing said “It gets pretty rowdy here and that interferes with their business” City officials say efforts have been made to make the 25th Street portion of the event more of a family affair with more food vendors a pool tournament in the street and rides at Lincoln and 25th And Jerry Taylor of the city who used to run the Street Festival said these are the first complaints he’s heard from busmesses about last year’s festival He said it’s the biggest single-da- y event in Northern Utah typically drawing 60000 people The city sells about $35000 worth of beer from nine booths during the event - but Taylor insists it’s controlled and says he's not aware of a single problem last year Beer sales of 1891 gallons or 122 kegs compare to pop sales of 2260 gallons during the festival “It’s a fun day for tens of thousands of people whether you drink beer or you don’t" Taylor said Stopping city beer sales would cause local beer distributors to withdraw their sponsorship of eight stages and would eliminate of the total revenue he said Acting Police Chief AK Greenwood said that in an effort to save tax dollars the police didn’t send enough officers to the 1993 festival and there were some problems But he said a good-size- d contingent of officers was there last year some in plain clothes and problems were down dramatically The police will again fully staff this year’s fesuval "The security is going to be good” Greenwood said “If people have too much to dnnk and cause problems we’H ask their friends to take them home or we’ll put them er ( two-thu- m jail" ds Greenwood said police want to encourage people to come downtown and enjoy the day and support local businesses “I sure hate to have businesses feeling it's not sate If they have concerns they shouldn’t be afraid to call me" he said 1 NEW Lines Inc’s stock rallied much of this week rising 54 percent before dropping back Friday The stock finished Friday at $475 per share on the American Stock Exchange up $1 37 for the week It had reached as high as $5 18 Thursday The company attributed the stock-pric- e gain to recognition by investors of the bus company’s value and would not comment on Friday's pullback Earlier in the week Greyhound reported that passenger sales at its 1 98 busiest locations rose 1 07 percent in May from a year YORK-Greyho- &tes to see anything that s and c Dulohery also were accused of ' filing false statements with the state of Colorado about the plant’s emissions FRED For many Utahns their power bills have fallen over the past five years But proposed deregulation could be a shock PaclfiCorp's Gadsby power plant In Salt Lake City was built in the 1950s as a HAYNESStandard-Examine- r d plant illustratplant It Is now Utah’s only of new sources trend for the electricity and new finding ing coal-burnin- g gas-fire- More per watt so California will benefit Experiment may -drain more from Utahns By MARINA O'NEILL Standard-Examin- staff fter years as the anonymous plug in the wall the electric industry is riding a new current of change and the average Utah customer may get zapped with the bill New sources of energy new competitors new markets a new plan to trim high costs in California and a demand for higher profits are pushing a transformation in the highly regulated industry Electric companies and a new breed of energy brokers and marketers have more power to sell and large users would like more choices in who they buy from But like the recent opening of the phone industry to more competition Utahns may find that deregulating electricity will benefit the biggest mostly industrial customers first It will be the job of regulators to make sure that homeowners renters and smaller businesses aren’t left with higher rates or fewer benefits to make up the difference “Pretty soon we’ll all be driving Ford Fairlanes at Mercedes prices" said Ken Powell electric manager at the Utah Division of Public Utilities citing one observer’s fear “Utah customers could see higher prices to finance lower costs for California" So far Utah electric customers have fared pretty well Prices have actually fallen about 1 5 percent over the past five years for customers of PacifiCorp which provides roughly 80 percent of the state’s electricity through Utah Power Cities ulso can form their own power companies to serve local residents and some of Utah's more remote rural areas are served by the Rural Electrification Association which is overseen by the Federal Energy Regulatory Commission Overall Utah’s electric prices are in the lower 25 percent nationwide largely due to the ready supply of coal in Carbon and Emery counties and plants that have recouped most of their early investment costs Powell said So far the state has taken an “if it’s not broke don’t fix it” attitude toward proposals to restructure but it’s unlikely Utah can remain isolated for long he said “We really don't believe the electric utility industry is going We really supto be immune port increased competition” said Dennis Sternberg Portland- based PacifiCorp’s senior vice president of wholesale transactions The climate already is changing in P&ifiCorp’s seven-stat- e service region he said “We should try to take destiny into our own hands” he said “We seek the same sort of market environment as our competitors are already enjoying" Because it is considered an essential service electricity is regulated by the state and federal governments In Utah the Public Service Commission decides customer prices based on company costs and sets service and supply requirements In exchange the electric company is entitled to a comfortable profit margin virtually risk-fre- e mood But an is sweeping lawmakers at a time when new opportunities are hitting the industry A more reliable supply of coal natural gas and water-rocrcd electricity has caused regulators to lower requirements for the amount of extra power the electric company must keep oil hand between peak customer use times in winter and See POWER on 6F ago The stock may also have been boosted by a stock picker who said on nationa! television last Friday that Greyhound was one of his favorite stocks under $5 per share 8300 Boeing retire employees SEATTLE More than -- m coal-burni- DAMAGED COPY und Jan Feb Mar Apr May mm i Jun Jul Aug Sep Oct Nov Dec f 'V 8300 Boeing Co employees have signed up for early retirement under a program that expired Friday a company spokesman said That's more than expected meaning the company will lay off fewer workers as it tries to cut its payroll by 12000 jobs this year The early retirement program “had the effect we were looking for” spokesman Christopher Villieis said The company wanted to decrease employment while minimizing the effects on its work force and cities where Boeing plants are located Villiors said most of those who selected early retirement will retire July 1 Since they have until the day of their retirement to change their minds Boeing won't know exactly how many will leave or what parts of the company will be most heavily affected until after that date he said House bank bill Utah Power peak loads © v Source Utah Division ot PuMic UliMiu D © deregulates WASHINGTON - The House Commerce Committee on Friday quickly passed a major bank reform bill that would permit banks and securit'es firms to combine but left major battles over the bill until later By a voice vote the Commerce Committee passed the Financial Services Competitiveness Act sendng the measure to the House Rules Committee and then tor a floor vote sometime next month The bill previously passed the House Banking Committee and was referred to Commerce because it has jurisdiction over the securities business - Standard-Exammo- r staff and wirs set vices |