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Show mT'rifir"f gg,-yn- Chemical Bank Announces Its Intent To Buy Troubled Ohio Institution LOS CHURCH OFFICES North Temple 0 Wagt Yfi UNION pacific: DEPOT By Robert E. Miller Associated Press Writer Chemical COLUMBUS, Ohio Bank of New York on Friday formalto buy ly announced its intention Home State Savings Bank, but officials cautioned it will be at least another week . before Home State s mon49,000 depositors could get their - gait fake r Business ey- Gov Richard Celeste announced Chemical Bank had written state McASavings Superintendent Robert lister of its Intent to purchase Home State of Cincinnati, with S3 branches in Ohio. 600 South L Tribune Map bv Stove fleet of boiet will serve an enlarged Brigham Street Trolley route. Mer Rides on nostalgic trolleys will be free through April 21, and then cost 25 cents. An expanded Brigham Street Trolley Expanding Route , Will Include Major Hotels ' By Joe Rolando Tribune Staff Writer The route of the downtown Brigham Street Trolley system was expanded as far east as Trolley Square and as far south to major hotels around 600 South with the addition Friday of more trolley buses. The new buses bring the system's fleet to eight six on the new route and the other two as backup vehicles, also available to rent for private functions. The systems first three buses began operating in October from the Triad Center, the mixed-us- e development on 300 West at South Temple. Richard H. Nordlund, president of Triad Center, told a crowd in front of the Devereaux House marking delivery of the new trolleys that all rides on the system will be free through April 31. Afterwards, rides will cost 25 cents. A rider can buy five tokens for 1 a savings of 5 cents a ride. Links Centers, Hotels The route connects the downtown business district with Triad Center, Temple Square, Crossroads Mall, ZCMI Center, the Salt Lake Hilton, Westin Hotel Utah, Marriott Hotel, Sheraton Hotel, Little Roosevelt Hot Springs Gets Interest ;In Geothermal Unit Roosevelt Hot Springs Corp., a Utah corporation, has obtained a 5 tercent interest in the Roosevelt Hot airings Federal Geothermal Unit Mar Milford, Beaver County. . The announcement was made by lilton Fisher, Roosevelt Hot Springs Oorp.s board chairman. TThe company negotiated for the in- terest with Phillips Petroleum Co., operator of the unit. l ;The geothermal unit, under a contract with Utah Power A Light Co., hhs been delivering steam since July 1995 to a power plant built at the site. America Motel, Tri-Ar- c Hotel and Trolley Square. Triad America purchased the first three trolleys on the Brigham Street system, so named because South Temple was known as Salt Brigham Street in early-da- y Lake City. Triad has taken the forefront in bringing trolley service to the downtown area since 1981 when the company began intensive planning on the Triad Center. At that time, there was no public transit system in that part of town. With Triad agreeing to buy the first three trolleys, Utah Transit Authority board of directors approved the purchase of five more through a grant from the Urban Mass Public Transit Administration of the U.S. Department of Transportation. Manner of Payment The grant paid for 75 percent of the cost with the remainder paid by the Redevelopment Agency of Salt Lake City. Triad went a step further, agreeing to pay the majority of the systems operating costs. Additional funds will be provided by Trolley Square, the hotels and others. Nationally, this is one of the best examples of a public-privat- e partnership we know of, said John WASHINGTON (AP) - " mm customers to a commercial bank with federal deposit insurance protection is in the best interests of the nations banking system and Home States depositors, employees and customers, Chemical Bank President Robert I. Lipp said in a statement. Home State closed March 8 after a three-da- y run on deposits prompted by the collapse of a Florida securities firm, ESM Government Securities Section 6, 1965 B Inc., in which Home State had invested heavily. Runs began on deposits at other privately insured Ohio thrifts a few days later, and Celeste ordered all savings and loans closed March 15. Since Reopened All have since been given permission to reopen for at least limited service. Celeste, a Democrat, expressed hope Friday that members of both parties, who have worked together to reopen the states thrifts, will continue that bipartisan effort with a minimum of political wrangling. However, almost as Celeste spoke, Senate President Paul E. Gillmor, a Republican, issued a statement in which he said the state should consider taking over Home State. state-charter- non-prof- it Members Will Vote on Ambassador Club Fate The beard of governors of Salt Lakes Ambassador Athletic Gub is asking the dubs 400 equity members to decide whether the club should be closed and Its property liquidated. G.W. Atkinson, club president, said equity members have been asked to vote on whether to close and sell the club or to continue with all equity members participating in the montly operating costs. As far as the board is concerned, we want to see the club remain open and continue to operate," Mr. Atkinson said. The board authorised the vote so we could determine once and for all what the members want to do. There have been rumblings for some time that many members want to see the club close. According to the ballots dated April 2 and mailed to equity members, the board is asking the members to chose one of two alternatives: pay continuing maintenance costs of about $700,000 for the year, or $146 a month, in order to protect each memberships $4,500 in equity. The approximate value of the clubs assets Is $1.8 million, Mr. Atkinson said. A second alternative is to continue operations. Under that plan, all equity members would participate in monthly operating costs while the board of governors decides ttje future course. Mr. Atkinson said it would be cheaper for members to allow the club to remain to open and generate cash flow. CABIN SPECIAL OPEN HOUSE 10 DOWN WILL HOLD 195 OAK TREE 20x28 OPEN HOUSE Idt. A Soti. 1- -5 EXTERIOR SHELL 9980 " p.m. 775 N. Hilltop Rood (610 Eot) Experience the convenience of downtown living, without the hustle ond bustle. This luxury home in the high ovenues offers off the omenities. An exquisite Georgian marble fireploce, sparkling indoor pool and sauna are just a few examples of what you will find intide the active and passive sol or heated home. The first is to cloee and sell the club. The board anticipates that would take at least a year to complete. Gosing the club would mean the 400 equity members would have to 369,000598 Call Marilyn C-- All 487-22- 1 PINE TREE 20x24 EXTERIOR SHELL 6990 HIDEAWAY 16x24 EXTERIOR SHELL $499000 3SS-- 1 Seatons 1 PRE-TA- B PKG. WITH SUPERVISION ON JOB ALL SEASONS CABINS 1474 So. 700 West, Phone HOURS: 972-242- 6 Weekdays 9-- SLC Sat. 10-- 2 six-pag- li&mui I 3.8 liter engine SeiectShift automatic transmission V-- 6 Power steering Power brakes ALFA SHEEPSKIN CO. S65 SO. 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Suggested Retail Price: SI 2.654 Savings: $2,255 Delivered Priced: sio.399 10 FULLY EQUIPPED NO - SUPER LEASE' All 6 Page quotations from the leaked document, but said be was painting a e worst case scenario in the memo designed to bring his new bora up to date. $3fc?r WILL DIVIDE 0 We believe the orderly transfer of the banking business of Home State April In an interview with The Associated Press, Blanchard confirmed the vf INDUSTRIALCINTll! 2,000 SQ. FT. WAREHOUSE 972-250- munications magazine, Blanchard wrote, I believe we will eventually have to tell our customers that the old prices and installation intervals are no longer possible. ed. Saturday Morning Shrugged Off Proposal Raymond Sawyer, Celestes Chief of staff, shrugged off Gillmors proposal. We have a very solid and positive proposal to consider right now," Sawyer said. In addition to paying a preniium, Sawyer said, Chemical Bank will have to recapitalize Home State, which has liabilities in excess of $500 million. He said the deal could also require a buyer to repay at least some of the tax funds from future profits. Sawyer said the state also will push to recover tax funds from lawsuits pending against Alexander Grant Cp Home State's accounting firm, and Home States directors. The suits seek damages totaling about $790 million, he said. Some lawmakers said the use of taxpayers' money could run into constitutional problems, but Sawyer said the public funds could be channeled Depositors Asthrough a sistance Corp., which he believes would be allowable under the Ohio Constitution. He said legislation would provide for such a corporation. SHEEPSKIN SEAT COVERS 1700 SOUTH BETTIIYON REALTY Celts of Teleconnect, a monthly telecom- A top exec- long-distan- BOISE (UPI) Boise Cascade Corp. says delay in completing the sale of its pulp mill in Newcastle, New Brunswick, has prevented it from recording the resulting $17 million pre-ta- x gain in the first quarter. GREAT LOCATION Was 50 no-fa- re utive of AT&T Communications has warned the new chairman of the company that the co6t of installing a private circuit between two points may have to rise dramatically. The warning, and another about possible delays In installation, came in a Feb. 10 memo from John A. Blanchard III, vice president for Custom Services for the American Telephone & Telegraph Co. arm, to his new boss, Randall L. Tobias. As first reported in the April issue Cascade Is Short of Gains SPACE AVAILABLE Fair Ridership was likely down because the fare was 50 cents, said Mr. Pingree. Riders rationalized they could walk three blocks to save 50 cents, he added. j UTA spokeswoman Lynn Telford said the trolley route alao has had to compete for riders in an area where UTA operates a zone. She said the expanded route allows the trolleys to attract more j shoppers and tourists. The trolleys will run from 7 a.m. to midnight Monday through Friday, 10 a.m. to midnight on Saturday and from noon to 6 p.m. on Sunday. Trolley service will be at intervals between stops. AT&T Chief Told of Likely Hike In Private-Lin- e Installation Cost More wells, using what is believed to be a more efficient method for conversion of steam into electricity, are planned for development on the unit in 1985 and 1986. 1 Pingree, manager of UTA, which operates the trolleys. Most of the time, the private sector says, Well help you with a little capital. Well buy a bus or this and that if you this service for us. Theyre firovide and other participating businesses saying we'll pick up the cost of the service which is the biggest cost in running the system. Mr. Pingree said ridership on the first three trolleys was good during Christmas but then it dropped off. He said he hoped the lower fares and the expanded route will help increase ridership. Chemical Bank representatives will be at Home States main office Monday to begin examining the books and work toward specific terms for the deal. Needs Legislation Legislation would then be needed to detail terms of the sale, Including an infusion of taxpayer funds that could run into strong opposition in the General Assembly. Officials said the legislation probably will not be ready until April 15, and depositors would not be able to get their money until that is complet- Under the Chemical Bank proposal, he said, the state would put up a major share of the money but would enjoy none of the benefits of ownership. The governor declined to provide numbers on the proposed Chemical who sat In Bank deal, but Gillmor said It on most of the negotiations calls for using 90 million remaiqlng from the private Ohio Deposit Guarantee Fund and $80 million in tax funds, while Chemical Bank wquld put in $21 million as a premium for entering Ohios markets. ( Models Cash Down LTD BROUGHAMS IN STOCK fdBBqiBGm We are lorry many of our good customer! have experiencecLdif-ficult- y reaching our Clanified Phone Room Sales Department. Problems have developed in our electronic telephone lyitem creating at times, a long back up of incoming calli. Telephone Company perionnel are this problem and when corrected our usual fait, efficient service will rnume. In the meantime, may we suggest that you place your weekend ad-vertiiement early in the week . . . on Monday, Tuesday ot Wednesday. By doing 10 you will help ut render you the excellent lervice you are entitled to. j FOR IMMEDIATE DELIVERY Payments until li 4 Thank You For Uting Classified. JULY . YES- - want-ad- s ill Immediate Delivery MERCEDES-BEN- Z Your Signature & O.A.C. 521-385- of Success! 0 6th South & ; Main Utah advertisers outside the local area DIAL TOLL FREE. mm |