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Show Sunday Business News Realtors Get '79 Forecast markets Offering predictions for the year ahead during a recent session of the National Association of Realtors convention here were Oakley Hunter, president of Federal National Mortgage Association, John Dalton, president of the Government National Mortgage Association, Rep Thomas L. Ashley i chairman of the House Subcommittee on Housing and Community Development. Also, Joseph T Benedict, president of the U.S. League of Savings Association and Claude E Pope, president of the Mortgage Bankers Association The leaders generally agreed that Actions taken by the Federal Reserve in recent weeks to tighten credit will have a dampening effect on the housing market Housing starts are expected to fall 10 percent to 15 percent from this year's level of about 2 million starts. However, starts ranging from 1.7 million to 1.8 million are not considered bad, they said. B JUSTLY PROUD of the new press purchased by Megadia- monds, 275 W. 2230 N Provo, are assemblers of the mechanism Chris Reed, left, and Duane Miles. Standing at right Is another worker, Kevin Taylor. BYU Research Shop built the press, which weighs 44,000 pounds and cost between $250,000 and $500,000. Megadiamonds Buys Costly New Press 1M78 THK HERALD Prow. I uh-P- ae 21 Special Machine Increases Production at Valtek Plant - Mortgage interest rates will be at percent to 10.5 percent level nationally until at least the last half of 1979. Rates in some areas might reach 11 percent or higher. Unless the 18 states with usury limits of 10 percent or lower act soon, lenders in those markets will withdraw from the market. While mortgage money will be tighter and more expensive in the other states, it still will be available. Due to several factors, including the savings certificates and backing in the secondary market, a housing recession similar to the one experienced four years ago will not occur. While the short-terpicture appears bearish, the long-terpicture for housing through the next decade is the 19 Produces Machined Paris Faster HONOLl'LU Forecast for 1979 A downturn, but not a recession, for housing, and interest rates reaching 11 percent or higher in "hot" real estate IX V.ember 10 bullish. Final adjustment1! are being made and tooling fixtures are being added to a new CNC (computer numerically controlled' machining center at Valtek that will produce machined parts three to four times faster Scheduled soon for full production work on automatic control valves at Valtek s International Headquarters in cond machine of its type m the I'nited States can automatically change to any one of 30 tools and has a table travel twice as large as Valtek s other machining center According to Steve Passmore. manager of Manufacturing Engineering. The machine works perfectly so far, we've encountered no problems its Springville plant, the center The Matsuura increases productivity features the latest in CNC technology by reducing the number of operations The Matsuura MC 1500 H onlv the se-necessary to complete a finished part ' For example, the machine can take four 2 body castings and turn out four finished bodies in one operation, vs. four operations for each bodv with the old method The machining is currently in production on Valtek s new rotary valve aldisk. as well as cylinders' yokes and small body c astings To increase productivity even further, work is currentlv oeing completed on a pallet changing system Passmore said During 1977 Phillips Petroleum Contributes $6.1 Million to Economy of Utah Okla BARTLESVILLE, Utah's economy received approximately $6 million last year as a result of Phillips than In 1 $1 million in state and local taxes addition, $1,027,000 in the company paid annual dividends to I'tah Petroleum Company's operations in shareholders and $134,600 in pensions to the state 67 retirees Figures recently compiled by PhilThe Beehive State has long been an lips show that in 1977 the company paid 9 in $3 million active salaries place for the Oklahoma-baseapproximately to some 238 Utah employees plus more energy company Woods Cross refinery d Occidental Petroleum To Pay Cash Dividend LOS - ANGELES Occidental Petroleum Corporation has declared a regular quarterly cash dividend of 31- cents per common share payable January 15, 1979. At the same time, the board declared on all series of Occidental's convertible regular quarterly dividends preferred stock of $1.00 per share on its $4.00 preferred, 90 cents per share on its $3.60 oreferred. 54 rents r sharo on its $2.16 preferred, 62.5 cents per share on its series of $2.50 cumulative preferred stock, 53.125 cents per share on its $2,125 cumulative preferred stock and 57.5 cents per share on its $2.30 cumulative preferred stock. near Salt Lai.e City is Phillips largest facility in the state, employing 131 people on a payroll of more than $2.5 million The company also has a district marketing office and an asphalt and fuel oil sales office in Salt Lake City. Elsewhere in the state, Phillips operates a net total of 47 producing oil wells and markets petroleum products through 104 gasoline retail outlets, most operated through independent dealers. The company's major oil production in Utah conies from the Bndgert Lake Field in Summit County and from Anath Field in San Juan County. Ex- ploration for new reserves is under way in the central part of the state Last year, Phillips produced enough oil and gas in Utah to meet the total energy-needof 12,775 one year. average-size- d homes for Megadiamonds, located at 275 W. 2230 N., Provo, has just received a new high pressure press for diamonds. The press, weighing 44,000 pounds, was made in the Brigham Young University research shop. Designed it was patterned after presses by Megadiamonds, originally desiped by Dr. Tracy Hall of BYU. The new press is worth between $250,000 and $500,000. Megadiamonds has been in business for 12 years and is currently expanding their operations Construction Firm Gets Safety Award The Utah Chapter of the Associated General Contractors has presented a top safety award to Roberts & Sons Construction Co., Inc., of Provo. The outcompany received a plaque for having the most 1977 for state the in record during safety standing over 50,000 hours of work in the AGC. Mr. Edward C. Roberts is the president of the firm which is located at 460 East 1130 South in Provo. The organization is engaged in highway specialty and safety work. This includes installation of guard rails, lighting, signs and grooving. The AGC is a state-wid- e organization in the conin its 56th year and is one now is It struction industry. of the oldest and better-know- n trade associations in The Trans Western Connection. Make it from Provo to 8 Frontier Airlines cities (and more)! Utah. Mountain Fuel Declares Dividend - The board of directors of SALT LAKE CITY Mountain Fuel Supply Company has declared quarterly dividends of 55 cents a share on the company's common stock and $2 a share on the 8 percent 8 preferred stock series and $1.9167 a share on the percent preferred stock series. The common stock dividened is payable December 4, 1978 to shareholders of record on November 10, 1978. The preferred stock dividends are payable January 1, 1979 to shareholders of record on December 1, 1978. The common dividened is the same as for the previous quarter. YOUR The next time you fly out of Salt Lake to Denver, DallasFt. Worth, Albuquerque, Wichita, Kansas City, St. Louis, Billings or Atlanta, fly into Salt Lake first... on Trans Western Airlines! ievrs INVESTMENT fcx men REAL tfjjj ESTATE COUNSELOR By D. SKI Carlton Radford COUNTRY CLASSIC You are offered an older but sound motel, within driving distance of an area' finer tki slopes, for vacant land you have that is a few years away from developing. You would like to free some money but haven't had any cash takers for the land. What do you do? One solution is to accept the trade. You then proceed to obtain your objective (cash) and possible extra profit too. Determine the cost of remodeling the motel, hiring management, and running it for a year. Go borrow this amount and the extra you need on an improvement loan. Lease time at the motel for slightly under the going rates on a long term basis (say two weeks a year for five years) by contacting ski clubs, etc. in other states. This guarantees 100 occupancy during the season. During the summer months it is ran as a regular motel. You now can convert the project to condos and approach investor to buy individual units for a much higher return than selling the motel as a total property. let your Investment Real Estate Counselor handle the details to your wealth. This column will appear 01 paid adv5'tiimnl Business Section of this paper Topic suggestions P O Box 315, Provo, Utah 84601 You fly free from Provo to Salt Lake. Just pay your fare from Salt Lake to your destination. i Clean and See your local travel agent for reservations and get ready to travel a new way a better way from Provo to Salt Lake and on Classy! to your final Frontier destination. Frontier and Trans Western together for the very first time., lucky for everybody! TRANS fW WESTERN AIRLINES FRONTIER AIRLINES i -- in i och Sunday in th should be mailed to Note: Mr. Radford is now with Charter Sealtv and 374-900- 0 ft avaiiable by appointment by calling 4 the city faster and tresher, ready to connect with a Frontier Airlines jet for a fantastic flight to your destination. And you'll save money too, because Frontier and Trans Western now offer special joint fares to you on both airlines. You'll arrive in 1754 S. State. Orem Open Fri Til 9 p.m. X |
