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Show f, . . I v - r- - V- 1 " ' L 4 ' V . , v- " " -- - - - , - , . ,, Xs,t y,t T r-- 7 f "p ' - . nm . K m "V ' . - V 7 m . " 'V.1 T w q I 1 ' " a J ,r ' ' P-- e -- oy-- a I M t i I , H I W Vg n ( ftl'" t 'I 'O r- ' i - .- ,.( -; i I M Up and Down the Street Small Business Loans Growing in Importance , By Robert W. Berniek SIR. ECCLES SAID that SBA loans Tribune Business Editor are being made in all areas served by the 'I bank In Utah wherehis organization has Experience of Firsts Security - Bank demonstrates that Small Busi- participated in 54 loans at 34 million Utah, N-ness Administration loans have become an dollars. An added 15 loans at .$1,200,000 are important means now being completed. Still other loans await of financing small processing. The bulk of loans in which The bank has t business In the ' state. participated with the Small Business AdThat was the ministration are in small communities of financing are not view expressed sowftbre other means Mr. Eccles said. ' readily available," by Saturday George S. Eccles, THE BANKER ASSERTED that loan president of the experience with the SBAs have been genbank, who said erally good." that while such True, we have had some delinquencies, loans now are but these are relatively minor and programs in small relation are Mr. Bemick worked out with borrowers in being to total bank lending, there are relatively all instances," he added." . more of them made in this state than in HE SAID THAT First Security experi other areas. ' . dt Financial News Markets effect This greatly reduced the amount of THE REPORT BY the University included data from inception of the Small Business Administration program in 1954 to 1960, a number of changes in administration of the laws has been made to simplify and speed up handling of such loans. Kir. Eccles said. One of the main objections has been di, rected at excessive paper work required, Mr. Eccles said. A FURTHER STEP was taken last month when the American Bankers Assn, and the SBA jointly announced the use of a simplified plan of loans with early maturity features, he said. loan Mr. Eccles said that the SBA-banprograms will very substantially fill a credit gap" affecting small business. information requested and also trims the paper work necessary to get .the fundsin the hands of borrowers," he explained. The purpose of the change was to rely to a greater extent on the credit judgment of the nations commercial banks in SBA lending, the. Utah banker said. Silver Body A contract has been awarded to Centennial Devel6pfnent A build-Lakpetted to be completed by December. The four-storlng will have 24 units and two parking areas for tenants. cember. THE STRUCTURE, NAMED the Valli-H- i Apartments by owners Leo W. 'Fox and Samuel, L. Latkin, is four stories' and contains 24 units of studio-type- , and one- - and apartments. It also has a parking area beneath and a second parking area accessible from the third level of apartments,r In addition, there will be laundry lockers for the tenants, completely elee- and kitchen trie throughout. sound-proofin- e Oil Demands Increasing OStsideU.Sr RAICOy g OPEN BALCONY ENTRANCES 0 U units will be another feature of the building, By Auoclated Pre which Is financed by Western Savings and HOUSTON, Tex., Oct. Loan Co-- . and constructed by Fullmer Bros." for petroleum products Co., general contractors. States conUnited . Mr. Fox said the new apartment will outside the boom-to tinues contain a recreation room and Is being built concrete with white brick of CONSUMPTION In other on the outside. areas Is gaining rapidly and THE STRUCTURE WILL BE entirely within another five vekrseman1 fireproof and furnishings In the unit will This would be in line with be offered if tenants desire them. The construction work on the new apart- other postwar trends which ment started last June. have seen foreign reserves and production .pass those of the .United States. emand d Market Takes Back Seat to Ball, Orbit other BEFORE YOU INVEST MORE AND MORE observ- er uCurt mortgag financing, iur la thaclc with tha mortgage financing jptcialut at Notional Mortgag Company, (or I Luxury Apurtment Nears Use THE SALT LAKE firm glued-umouldings to give custom lengths, and since conditioning,' carpets and drapes, and some the start of. the business in units will have private patios. 1947, this product has grown to account for over $600v000 in annual sales volume. ut Balance of the more than sales of Drain G. Forrest per. and Sons is realized from generated more interest than door and door components, ew York Times thg prices printed on the ticker said Mr. Draper. The tape. YORK, Oct. 6 Officers in the took market dawdled along STOCK PRICES gained 4 company are Hart Draper, dCe this week without making and 87 hundredths points for president; Robert Draper, sec- much progress. Any spurt of the week and closed at 317 and retary; Charles Eagertreasur-er- , activity with rising prices soon 84 hundredths. Most of the gain and J. Robert Welch, sales brought profit taking. The came on Thursday and Friday, baseball games and space oribt with sales well below 3 million manager. shares each day, x ers noted that bearish tendencies were devolping, and that the market seemed to be in a period of testing the support levels charted ty, the averages. This' temporary truce, or midway point, has become a focal point for the future dk rection of the market and the economy generally. COMMERCIAL INDUSTRIAL RESIDENTIAL AND, AS MANY observers have pointed out, the stock MULTIPLE FAMILY NEW LOANS REFINANCING J! i1 Your Applications Invitad National Mortgage Co. J03 CAST 21 ST I SOUTH PHONE SAIT LAKE CITY, UTAH market has a remarkable ability to lead the trend of the economy by six to twelve - months. . Any appraisal of the future, which never can foresee the unexpected event, Is always colored by the situation prevailing at the moment. AS THE FIRST National City Bank of New York points out in its monthly economic letter, the cautious mood of today has many roots a Sense that the great' postwar boom DOMESTIC demand for crude oil and natural gas liqbarrels is over, sharply competitive uids increased 974,000 the past five years but a day condtions thkt pinch profits total demand In all other areas and concern over unsettled po- jumped more than 4,100,000 THE COPPER company said that Apex shaft work will provide a second opening irofn the underground development workings to the surface and (will provide) additional Why not got our 990 19.564,370 Year KENNECO TT also an nounced that "the company will start drilling shortly to test the ground in the area of a proposed new production shaft. $1,186,00000 $33 882,000,000 $141,000,000 iW 13,340,000,000 29,859,163,000 $62,166 000,000 $31,85,000,00 $494,000,00 17,380,000,00 $1,115,00,00 $3278,00,000 $34,000,000 FOR SALE Conoco Eists 9' SAVE Rollers Matty Morrison-Knudse- n Hobart May Jemei lay TELE-FL- O SYSTEM 3 POINT HITCH eilVE P.T.O. Only 152 Hours 90-Da- Guarantee y Wa Will Finance HOPTO BONNEVILLE EQUIPMENT BACKHOE MACHINE Make Offer Sacrifice Good Condition 'Ll . Will I NOV! extend trcck life with WHEELER Tandem ( INC. 2 Ph. 3377 So. 2nd West 485-841- . rv. . , , ert down-tim- tnd e . with VV M- , - f1 n re- this GUARANTEED rebuilding method, process provides I more perfect IDLERS v 'r. N-V 4 . jgftLU - -ft, r? OF RAILS . ether ivppfy NOW $3,990.00 9 Includes notice the Guaranteed Rebuilding Heater r 3,734 Was $7,724.00 bond between original metal end welding rod than bis been possible before. - Tondentr3-whHl- MODEL 335 LOADER With Ottawa Backhoo Special to The Tribune PROVEN, Scrapers Portable Batch Plant E W placement tests of trick parts . . Tank Trailer (4,000 gal.) Asphalt HUnter antes MINN.-MOLIN- Plan Increase profits USED CONSTRUCTION EQUIPMENT Asphalt Tank Plaatlc Supply Haute COMPUTE October Specials, $274)5,000 A OOo! 16,439, $31,920,784,000 $61,759,000 000 $33 961,000,000 $507,000,000 $16,069,000,000 of Utah 2340 So. Was Temple 16,240792 $23112 1001 16,023,000,000 $33.00. 5M, 000 $61,212,000,000 $34,063,000,000 $491,000,000 $16,069.000, 0") $1,129,000 000 $33,909 000,000 $63,000,000 Products Company 120,1 l,82,( $450,'500$$ Si . 13,956,660 $11,796,000 305 pritot for your noodtf Plastic Last Week in Finance 308,629 170,015 1,935,000 7,109.010 $467,900,000 - VisQuccn Film tee eco- nomicil to buy , . . eco- nomicil to use . . . con- venient to tore! Wtter- proof protection for him- ber. cement, plaster,, brick. made of Union Carbide cgrt tfuckji etc . Portable Oarage DENVER Continental Oil barrels a day. Co. Saturday announced It Oil magazine forei World casts another sharp gain by would tie in five oil fields In other nations this year. Wyoming In an automated proDOMESTIC demand Is ex- duction program with headpected to average a record 10,- - quarters at Cody, Wyo. 163.000 barrels daily, an inSOME OF THE fields, with crease of 392,000, but other of 270 wells, are 100 miles total areas are expected to require 14.740.000 barrels, an increase apart KJ W. Brill, Denver, Conoco of 1,217,000. The magazines 1963 special vice president, identified the BUT IT IS A precarious report on the world oil market fields as Gebo field, Thermop-olis-; Fannie and South Elk situation, he said, and all says VS. demand this year will of Powell; Basin fields,-nortthings considered, it must be amount to only 40 per cent of concluded that the possibility total world demand for crude Circle Ridge field, near Riverof a downturn remains a very and gas liquids, compared to a ton; Bonanza. Field, near dominant 63 per cent in 1951. real one. THE POOLS produce about 12,000 barrels' Of crude daily, and future discoveries or oil acquisitions in their area will results tn malor lines of business and finance also be tied into the new autoTh follow table lists eperattn n the laicsi weuk, uh comparison preceding week aro a yea ago: mation and telemetering proYeer Age Latest Week Prevtout Week 1.766.000 1,715,000 Steel prod, (net tons) gram, Mr. Brill said. 596.962 592,154 Freight carloedlngs 317,02 179,113 1.790.000 7,067,110 $353900,000 95 7 MR, STRIKE said eventually this facility would be replaced by a new plant On the 14 - acres - recently - acquired. The new plant will cost-a- n $1,935,000 fully estimated ' equipped, Including land charges, he said. "We will build It in phases, starting the first phase in Mr. Strike announced. 1963, - It was announced that coincidental with the shaft rehabilitation, the 1,050-foo- t - level development work will- be extended to test additional mineral Indications and underground drilling will be undertaken to probe other favorable geologic areas. Tie-i- n West TARPAULINS-ENCIOSURE- S litical and economic conditions in both hemispheres. There is, however, enough momentum in the economy and enough, work still on order, or in process, to maintain the present level of economic activity for a time at least, according to Raymond J. Saulnier, chief economic adviser to the Eisenhower Administration. Mtsc. freight Auto prod, (units) Soft copi prod, (tons) Crude oil prod, (bbts.) Engineering awards Paper prod, (per cent of cap ) Paper board prod (per cant of cap.) Stock Mies (shares) Bond Mies (par value) Bus. feiiures (number) WheteMie prices (BLS index) Elec, power prod, (kwh) Bank cieeHngs Demand deposits Business loans Excess reserves treasury god stock Brokers loans Money In circulation Member bank borrowings 619 S. 5th Burgin shaft area on the 1,050-foo- t level in the Tintic District also will be driven by Centennial for Kennecott, the anMcGraw Edison Co. bought nouncement stated. site. Kennecott is doing develop- this 14 acre ment work in this area under a lease from property owners1 in the district. PORTABLE GARAGES- plant The luxury Valli-H- l APtments at . 299 Center St., Salt City, are currently under construction and are ex- - MR. FOX SAID THE NEW apartment will Include a swimming pool, complete air , connecting 1,400-FOO- drift from this shaft to the THE COMPONENT departInterior finishing on the $300,000 luxury ment include those for pre- , I Fiji-- , r apartment house at 299 Center St. (201 N. Iaai Main) began lasrweek and building is Esca- at Eureka, to rehabilitate the two compartment, 1,054 foot Apex No. 2 shaft. CoT, t in - shaft COMBINED sawmill and running between North and South Temple was acquired for $112,000 from the Salt Lake, Garfield and Western Railway. Mrs. Marian K. Freedman of W. Meeks Wirth-- i lin, realtor, handled the trans- action. This new tract will be used for a future plant of Ajax employing 525 persons, Mr. Strike said. Some 400 are presently employed by the firm at plant c THE COMPANY announced would rehabilitate a shaft, drive a malor connecting drift, engage in probe for added ore and start drilling an area for a new production h companys lante - silver-lead-zin- e that it LANCE DRAPER, president, said completion of the structure is expected by the middle of November and the building' will house a new electronic fin glue machine and ish planer which will plane to of . an inch tolerance. - The planer will be used for the cores "of sollddoorsand made in the new gluing ma- - Draper and Sons now employs 80 persons at the Salt Lake City mill and, Mr. Draper said, expects to increase personnel to 100 when the new addition. is completed. Another 22 persons are employed at the NICHOLAS L. Strike, Ajax division manager, said the land between 9th and 11th West . A $100,000 addition is under construction at the l Draper and Sons planing mill, 600 March St, (2300 W. 5th South). S25S. McGraw Edison Co. has pur-- pansions at its Ajax Presses chased 14 acres of industrial) Division, it was announced land on the west side for ex-- Saturday. 1 Western Mining Divisions, Kennecott Copper Corp., Saturday announced another major step directed at development of a ore body in Utahs Tintic District. Planing Mill WITH the present building, the new structure will give 43,000 square feet of mill area for Draper and Sons. The new building will house component departments developed after the firm finished its original 20,000-foo- t moulding mill in 1959. Ajax Project Nears In Tract Purchase Lead-Zin- c, Page One October 7, 1962 Sunday Morning high-grad- chine. - .... KCC to Drill Qassified Ads Obituaries Work Starts On Draper - I. Business, must obtain permanent working capital from the investor, not from the lendiogjnstitut ions! because of -- these rules, he emphasized. The function of the commercial bankv so far as business is concerned, is to provide seasonal credit. This Is to take care of peaks in inventory and accounts receivable, and for other, similar, temporary needs, Mr. Eccles explained. . ... ' ON THE OTHER hand, the small business enterprises in manufacturing, service industries, wholesale and retail trades In process of just beginning or in new expansions, do not have ready access to working capital or investment capital," - Mr. Eccles " HE EMPHASIZED that "government explained. Banks now are authorized to particiregulations under which commercial banks IN AUGUST OF 1961, a new simplified operate specifically restrict extension of pate with SBA in making this type of capi-Se- e George S. Eccles . . . 1 bank loan participation plan was put Into long term credit for other than home loans. lending Page C-- Column 5 banker-SB- f ilmuc ak Salt Lake City, Utah Section C ence is similar to that reported by the Bureau of Economic and Business Research of the University of Utah and In the August edition of Utah JEconomic and Business . Review. Mr. Eccles said that these works pointed up the necessity of simplifying procedures governing bank participation in SBA loans. - v ( BETWEEN WELD ' METAL ROLLERS AND TRACK SHOES Htm$ Co., Inc. Salt Lakn City, Utah ENGINES TRACTORS MOTOR CRIDERS 900 Wait - CATERPILLAR Dltsa ISOO Nerth BRTHVOVWS wiri.WA CEHnmri EQUIPMENT v IM "J ys 9 h & .vT i ft v, . X n r |
