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Show The Enterprise Review , September 29, 1976 Page 2b Auto Leasing Companies Join Forces In Merger ZMI Leasing, Inc., an auto leasing company, has merged with World Leasing, Inc. of Bountiful. The new corporation, called World Leasing, will operate from the leasing facilities at Menlove Dodge Toyota in Bountiful. Chuck Barber, former president and owner of ZMI, said he traded half of ZMIs stock for a proportionate amount of World stock to complete the merger. The stock transaction will almost triple the size of World Leasing, he said World Leasing, a private Utah "Company, is a member of the Chrysler Motor Furniture outlet Undertakes Company leasing system. The company leases all makes of cars, specializing in Dodge and Toyota models. Barber said the two companies joined forces in September to increase the size of their lease fleet and improve availability of funds. Because of the merger World will be able to lease cars to Leasing customers at a rate lower than previously offered by World or ZMI, he added. Bill Johnson is president of World Leasing, Chuck Barber is vice president and Carol Johnson is secretary-treasurer. Warehouse Expansion Granite Furniture Company is expanding its warehousing facilities by 20 percent. According Richards, Sr., to John secretary-treasure- r of the company, a new 55,000 square-foo- t warehouse will be built at 2189 McClelland, Salt Lake, at a cost of about $700,000. ng Ecimmflc Recovery Stem The current economic recovery, now well into its second year, promises to continue strong through the remainder of this year and into 1977, economist Ernest C. Olson told Salt Lake City businessmen last week. Olson, Research De- partment Officer with the Federal Reserve Bank of San Francisco, was the featured speaker at an Economic Seminar held in Salt Lake for area bankers and businessmen. Since the lowpoint of the recession last year, the physical volume of total pro- duction has risen by percent, Olson said. The output of factories, mines, and power plants has increased even more rapidly. Total employment has risen by almost 4 million since last March although recent labor force growth has caused the unemployment rate to rise. He said that consumer spending after leveling off in recent months is expected to resume an upward course as employment increases, real incomes rise, and the liquidity position of consumers improves. Major economic indicators are pointing upward, he added, and business capital spending also seems poised to add upward thrust to the recoverys momentum. So the recovery has been Olson continued, with few signs of speculative excesses. Inflation persists, however, and its conquest must therefore remain a major objective of public policy. 8-- 12 well-balance- d, Vice President A. Grant Bank of San Francisco serves Holman, officer in charge of the banks Salt Lake City Branch, said the Economic the largest geographic area in the Federal Reserve System. The nine-stat- e district encompasses Alaska, most of Seminars were inaugurated to provide a professional arena where current national economic events could be analyzed in a regional con- Arizona, California, Hawaii, We view the seminars as an opportunity for the Federal Reserve to share its expertise with members of the local financial and business community, Holman said. We consider these meetings a clearinghouse for Utah Power & Light Company has raised $76.3 million by selling one million shares of common stock and $40 million of new first mortgage bonds. Successful bidder for both shares and bonds was a group of underwriters led by White, Weld & Co., Inc. They bid $36,459 per share for the stocks and $99,549 per $100 principle at 8.375 percent interest coupons for the bonds. economic and financial dialogue. As the nation's central bank, the Feds primary responsibility is determining monetary policy. Basically, this involves influencing the through the nation's 14,500 commercial banks. Through its offices in San Francisco, Los Angeles, Portland, Salt Lake City, and Seattle, the Federal Reserve Oregon, Utah, and Washington. There are about 33 million persons and about 6,500 commercial banking offices in the district. Market Nets UP&L $76.3 Million conducting a meaningful lending and investing activities of commercial banks, and through them, the cost and availability of money and credit for the general econThe Fed is also omy. responsible for a broad range of other activities, such as transferring funds, handling government deposits and debt issues, supervising and regulating banks, and acting as lender of last resort for the nations banking system. The system is also commonly known as the agency that places currency and coin into Idaho, Nevada, Stocks and Bonds text. circulation Granite expects to begin using it by January 30, 1977. The new warehouse is located across the railroad tracks from the present warehouse facility. "We had to design a bridge to connect the two buildings over the Richards railroad tracks, said. Frank Fuller, designer, said the steel e elevator-typwill an be bridge structure that will move hydraulically on tracks along the exterior of both buildings. It will move up to allow cars to travel beneath it along the tracks, and back down again to carry furniture from one warehouse to the other. John Price & Associates is constructing the new building. Rated A by Moodys and AA by Standard & Poors, the bond obligations are to be publicly at $100,273 to yield 8.35 percent in 30 years. The funds will be used by the utility to retire short term borrowing incurred for recent construction and to carry forw ard the utilitys current expansion program, according to a company spokesman. re-offer- ed NOW AVAILABLE! Prime Business Park Office Space in South Salt Lake. 590 to 1 3,000 Sq. Ft. . Finish to suit client. Adjacent freeway locations. Call Gregory Gunn 486-39- 1 1 & PRICE RENTALS, INC. A SUBSIDIARY OF PRICE INDUSTRIES CORPORATION 35 CENTURY PARK-WA- Y SALT LAKE CITY. UTAH 84115 First State Bank of Salina, Utah has filed applications with the Utah Department of Financial Institutions for permission to establish two branch offices in Emery and Ferron, Utah. Both towns are in Emery County. W. S. Brimhall, Utah commissioner of financial institutions, said his office has received no economic data on the Emery County area. We do know the area is expecting a lot of growth because of vast energy resources in that part of the state, Brimhall said. Brimhall expects to visit Emery County this fall to check on the banking situation. . |