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Show v,,ljirffeWs v J. jwit MG ., twV rA.i.vufi R"ttv 4 v - v ' r ., ti Vj A - ? - w 1.M 'jf ",r A WWMNn'f Hr fr news, TUESDAY, FEBRUARY 22, 1977 3 B Sihr&Hr.sa By John Cunniff AP Business Analyst constructed 8,292 units in the NEW YORK (API The uranium industry is warning, as the natural gas industry did in years gone by, that its reserves fall far short of the requirements being scheduled for it by energy authorities. As a result, at least one uranium producer, the Atlas Corp., is urging a crash program of exploration and development, financed in part by huge government loans, additional tax credits and depletion allowances. Edward R. Farley, Jr., Atlas president, said an investment of at least $18 billion will be needed to meet the nations uranium needs during the next 25 years, for exploration, new mines and additional processing plants. The uranium industry is in no position to supply that kind of capital, he said. Atlas was one of the first U.S. companies to enter the uranium mining business more than two decades ago, and now has contracts to supply yellowcake to a number of the 55 nuclear power plants in the United States. He said the inability of his and other companies to meet requirements could result in serious social and economic dislocations, possibly resulting in power shortages, liigher electricity bills and slowed economic growth. Under his plan, the federal government would put up a large part of the $18 billion he feels is needed. Companies, individuals, partnerships, whatever they be, would have to prove that on a property there was a reasonable prospect of a commercial ore body before obtaining funds, he said If the explorers discover uranium they would be required to repay the loans, but if their efforts resulted in failure the loans would be forgiven. The federal government has been conducting an airplane survey over a area of the country in search of deposits. The information is fed into computers to pinpoint possible exploration sites for private industry. Most uranium deposits presently are situated in the western part of the country, but known, deposits exist in Tennessee and North Carolina, and a recent there may be ore in Pennsylvania and Maine. 700,000-square-r.ii- le survey suggests government Utah Bancorp to pay dividend Nevada oil drilling successful Drilling of two success- ful confirmation wells near the Trap Spring No. 1 oil discovery in Nye County, Nev., was announced today by Northwest Exploration Co. The well discovery which set off a flurry of leasing activity m east- ern Nevada and western Utah earlier this year, to production to 1,222 barrels per day. test The initial had produced 417 barrels per day. has been 24-ho- Larger pumping equip- ment and tubing effected the increase, explained John G. McMillian, chairman and president of Northwest Energy Co., cludes Husky Oil, CenSalt Lake City, the parent company of Northtury Exploration Co., North Central Oil Corp., west Exploration. Filon Exploration Corp., One of the two confirmation wells. Trap and Trend Exploration Ltd. Spring No. 3, is being drilled on acreage owned Trap Spring No. 2 well located a half-mil- e west by Wexpro Co., a subsidiary of Mountain Fuel of the discovery well, is pumping 112 barrels of Supply Co. oil per day, McM, Ilian Drill stem tests have recovered free oil and said. indicated oil production in the well which is currently drilling below ZCMI ad wins 6,000 feet. retail award Mountain Fuel will own 50 percent of the 680 ZCMI has won a Retail acres on which the well is Advertising Conference located and a group award for a full color headed by Northwest will section it ran in Salt Lake own the other half. City newspapers anNorthwest is the operator nouncing opemng of its for the group, which in ZCMI Center store. The ZCMI section was one of 700 contest entries. Drilling under way within Evanston EVANSTON, Wyo. -- Drilling was to begin during the weekend on an Amoco well at gravel pits located within the citv limits. The property on the west side of town is owned by Upland Industries, the real estate arm of the Union Pacific Railroad. Scheduled to go to a depth The firm also 21. re- ported net income for 1976 as $1,848,624 on total resources of $223,661,131. Research released earlier. -- than in 1975. And of 18,621 units constructed last year, 13,546 were smgle family dwellings. Housing particularly picked up in the fourth quarter of 1976, the U. of U. statistics showed. The number of dwelling unit permits taken oat in that period was 95 4 percent higher than m the fourth housing quarter of 1975. Utah home builders paid $967,879 in fees to local governments last year, said Fred Paulson, Salt Lake association president. From these fees, governments reaped about $420,000 in revenue beyond direct building-relate- d costs, he said. He added that the industry is increasingly concerned about tendency for governments to force builders to pay for streets, parks and other community improvme-mentThis trend, Paulson said, is driving up final housing prices. s. to, modeling, you need guys and gols rotations, hll-racoptiomsl, solas TV of radio spots. promo's, typists or to, interest was aroused the thrust Belt. For a time there was much discussion of the possibilities of drilling m the city. VllUGE CftlMFr EXECUTIVE MODEL SHOP chemicals Over- 9 INDUSTRIAL SOLVENTS CLEANERS CO. WOO Foitww So 14! Boat jUv 1900) 97? 45? Phew State at 5th South PREFERRED APPLY IN PERSON TO MR WENDELL BIRCH OLDSMOBILE Intermountsln Stock Exchange Tueidoyi quotations PRIME OFFICE SPACE FOR LEASE PASSPORT Approximately PHOTOS 900 Sq. Ft. 3424 SO. STATE AiRcomiom, DECORATED 521-055- Quotations it Tue0v showing slaughter cows and small cows steady lots leaders Slaughter to 50 lower, instances I 00 lower Feederw about steady. Slausnter cees utility and some commercial 00, hlener dressing lean utili24 W 26 Feeder Holsteins ty choice thin and framey liters lb 42 IXV45 25, mostly cnoice OU. hign good end lb 37 00-35A6SO chuice fleshy and partly fattened 00 , Feeder heit 050 lb 33 40, ers choice KMOO lb 32 fleshy 825, lb 32 00, good and iow 1101 27 lb cnoice 1,71X1 Salable supoly InHogs cludes 500 n neso carried oyer from Barrows and guts trade noonday's 5 lower, best demand on wiihts 75; lb 3V over 210 lb; 3 tew lots 2 3 down In 19 txi, 2 3 W. 3e 321 2 Sows 4 lb 25 38 lb - steady to Volley Fair 2994404 Field Enterprises, 524-480- Inc People on the move Ail engineer foi Hercules' Bacchu'- - Works has been recognized for the second year m a row for implementing the top cost sat ing change m the 3', company. Dee K, Gill was credited with initiating six projects whkif) sated Hercules morJ than $.185, 000 f DASHERS 2 Dr. HATCHBACKS 4 Dr. SEDAN 4 STATION WAGONS IMMEDIATE DELIVERY! AMFM Tape installed in all Dashers Sold between Feb., This often 15-2- 8. exclusive at: ' STRONG .MOTOR CO. 769 SO. MAIN Security Corporation () 79 South Main Streei Salt Lake City, Utah 84111 University Mall 224-050- mum , 4 J igwyiff Bank clearings Tuesday's Quotations MonJa's cubits Same day last year Tooav scieannes Sarrwdjy last year LEASE A NEW S66,103 89? 00 1181, 5M 835 00 S52 85 5 867 68 SV6,6?M4 17th South 93 Tueiday'i quotations prices as of Quo SI Ions from the NASO are representative approtimatelv I P m Inferoealer rtiarVets change through jut the day Prices do not include markup, markdown or commission Securities & 1977 MARQUIS 3rd West Bank on Friendship PIONEER BANK Member Federal Deposit Insurance Corporation Sail Based on akcCity, Utah X4125 Telephone 4S7 4561 See Mondav and T ridav P.eston tee 1 9 a in u 6 p m uevdav, Wcdnesdav and 1 hursdav 9 a m. to 3 p in 1)R11 IN WINDOW Monday through t udav K 30 a m l a 6 p nt WBi WJgWJUXHHMMVat a I Fully Equipped I7J5 South 300 West v 1977 TSE POSTER FACTORY 0 lb lower, I 3 35 00 . lb 37 00 37 50 50 Sheep Slaughter lambs fully steady Slaughter ewes unchanged Slaughter lamos choice, lew lb wooled 47 prime 50, tew head near 125 10 44 0C, choice mostly prime 95 lb spring lambs 52 CO, 122 lb 48 00 Slaughter ew- -s utility and good 10 for Wednesday, cattle 2.000, hous 2 ObO. sheep luot 25 Over the cou.iter 59 (c) ELLIOTT WOLFE Tuesday's Quotations KANSAS CITY (API Cam WO for open-ende- WAIT CALL Livestock market borrower must be informed. The borrower then has days during which he may find another loan and repay the original lender without incurring prepayment fees. In most cases, too, the loans can be assumed without tees and are meaning a borrower can elect to stretch out the life of the loan to a top of 40 years rather than increase the monthly mortgage payment. Federally chartered S&Ls are still prohibited by law from offering VRMs. But pressure on this Congress to act will be the fiercest ever in light of recent experiments with the concept. 90 YOU CARPETED AND 18 six-mon- WHILE (Next to Grand Central) SALES Bristol, 2,000 at $40,000-$50,0K)- VOLKSWAGEN has elected to pay 7U4 per annum on the Notes for the period March 1 1977 to September 1, 1977 This rate is substantially above the rate of 5 95o per annum as required under the formula set forth in the Indenture covering thie Issue The Indenture provides for a rate of 1 25o above the interest yield equivalent" of the arithmetic average of the weekly per annum discount rate for three month U S Treasury Bills as reported during the twenty-on- e days immediately preceding February 21,1 977, or a higher rate specified by the Company. The Corr pany's management believes that the 7V interest rate will be attractive to holders of these Notes The Notes are listed on the New York Stock Exchange and quoted prices are available from most brokers THATCHER CHEMICAL e Due 1999 After due consideration of the objectives of the offering, and of present and potential interest rate levels, the Company EXPERIENCED KEN GARFF in the state which ofier VRMs give customers the option of electing either the variable rate or fixed-ratmortgage, when the loan falls below a If you want to certain limit (usually borrow more, a VRM may be all you can get When VRMs were first introduced into California, lenders offered them with interest rates per eeut to attract lower than conventional mortgages borrowers and in recognition of the fact that there is less risk involved for the lender over the life of the loan. Now this inducement, in genera!, is no more' interest rates on VRMs are the same as those on fixed rate mortgages. There are limits on how high interest rates on VRMs can rise, with the maximum increase period set at per cent, permitted in any and the maximum allowed during the life of the loan, 2 Vi per cent. There are no limits on how far rates maj fall When the cost of money index maintained by the Federal Home Loan Board in San Francisco changes enough to affect interest rates on VRMs, the TO SETTLE ESTATE 4.59 Acres , Advancement Many others too numerous to mention YOUR MONEYS WOR'i H FIRST SECURITY CORPORATION, Salt Lake City, Utah, addresses the following notice to holders ot its Floating Hate Notes DUE TO INCREASE IN VOLUME WE NEED: Call u$ for your I NOTICE Mgr. (Training Available) Demo Plan Medical Insurance Chance tor fc VW's Luxury Car that rides & handles t. like a big car yet with small Slur Malouf, 1 SYLVIA T PORTER FQ SAfLB 487-492- 1 BENEFITS Insurance Plan SS4 & 3 Dr. ALL 0 e Mr. Barnes NEW CAR SALESMEN WANTED i e, TRUST DEPARTMENT US AT 3090 Highland A ZIONS FIRST NATIONAL BANK "public CALL fa Northwest Corner, 3900 South & 500 West Good Access and visibility to If affix If you are seriously starting to shop for a new home, at todays average price of more than $50,000, you must not overlook the extent to which mortgages are taking on new guises. In fact, lenders will begin relatively soon to offer you at least six major t pes of alternative mortgage arrangements to meet your particular financial needs and, of course, theirs. constant-payme(1) Conventional fixed-ratmortgage, the traditional agreement which has a fixed maturity of usually 23 to 30 years, although it can rise as high as 40 years in some states. Its interest rate is fixed and you, the borrower, pay a set sum each month to the lending institution t2) Graduated payment mortgage, aimed at accommodating a young familys changing financial status. The initial payments are low compared to the conventional fixed-ratmortgage. Later payments rise gradually at cither a fixed or varying rate, depending on the Ixirrowers potential income. How fast the rate climbs is an indication of the risk the lender is willing to undertake. r (3) Canadian mortgage, designed to help Canadian lenders avoid the mortgage money squeeze that has repeatedly hit thrift institutions in the U S. m recent years. Basically, this plan calls for borrowers to renegotiate their loans interest rate and monthly payments every five years. You can remain with the same lender, accepting the terms offered, or go to another lender without penalty. (4) Deferred-interes- t mortgage, under which you pay a lower rate of interest than on the fixed-rat- e mortgage, but you are required to return the accumulated interest deferred over the life of the loan plus a fee to the lender. You can do this either by refinancing after a certain period or when you sell the property. (5) Reverse-annuit- y mortgage, developed to enable retired persons who have paid off their mortgages to remain in their homes and to add to their incomes. The lender pays the borrower a fixed monthly sum based on a percentage of the current value of the property. The loan doesnt come due until the borrower dies. It is then discharged through probate. (6) Variable rate mortgage, a type of contract under which interest rates and thus monthly payments are allowed to float up or down according to the prevailing interest rates in the nations bond and money markets. VRMs are making inroads in Wisconsin, New Jersey, and several Northeastern states, but Californias testing of the floating rate mortgage has attracted the most attention because of the publics willingness to accept the new concept. Most of Californias S&Ls and the two major banks roll-ove- Those showed that statewide, residential construction last year was 53 4 percent higher Hi I I'm Christ I with the EXECUTIVE MODEL SHOP COMMERCIAL CARPET SALESMAN of in Utah Bancorporation has declared a quarterly dividend of 25 cents per share to be paid March Sr.'i Lnhc srer. during 1976 a 27 percent increase over the 6,409 umts built m 1975, the Home Builders Association of Greater Salt Lake has repo 'ted. Value of residential construction m the area 90 2 million reach'd last year, association figures showed. The builders figures were consistent with other figures the University of Utahs Bureau of Economic and Business EXPERIENCED 11,700 feet, penetrating the Weber iormation, the well is being drilled by R. L. Manning, Derive, Cola. There was hectic leasing activity in Evanston, after somewhat vague Current, plans call for nuclear energy to provide about 15 percent of the nations electricity by 1985, about double the current level, with the percentage rising to 50 percent or so by the year 2000. Farley maintains the uranium reserves simply do not exist to meet that schedule, and that the annual gap between our production of uranium and our needs is growing every year. In an interview, he cited a study made by the U.S. Energy Research and Development Administration showing the nation would need about 1.4 million tons of uranium oxide between now and the end of the century. However, he continued, the known reserves amount to only 640.000 tons, with an additional 140.000 tons perhaps obtainable as a from other chemicals. He conceded that rising prices for uranium yellowcake, or the product before being enriched at from $6 a government plants pound to more than $41 since 1973 and to much more for future delivery might make independent development more feasible. '? New mortgages emerging starts jump Homebuilders in uranium reserves JWs' T' 6 alternatives HArns i wa i w DFSERET V 36-m- o. M PE8MO. Open End Lease 8ob Svifolt, Dae MunsfieW, ftv Couqar Country SALES USfiTA GUSIMiSS SYSTEMS & 444 LEASING 3469 SO. STATE SOUTH STATE CALL 262-68- 0 1 521-478- 6 .V rJ .g cV I in ,'5c c( l.--i. iv, v - - ji |