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Show 10 I The Salt Lake Tribune, Sunday, September 21, 1975 Selling at Premium Marl Shakes Off Slump, Nice Used Cai? r.. Shows Gains for Week rae. Robert New York Times Service NEW YORK Prices ended higher on the New York Stock Exchange this past week after the market shook off a lower trading trend that had prevailed in the first two days of the week. Fridays close showed the Dow Jones industrial average at 829.79, for a gain of 20.50 points on the week after being down 14.16 points in the first two days. Loss of Points The irregular trading pattern added up to a loss of 6.10 points on Monday, a decline of 8 06 on Tuesday, a rebound of 3.92 on Wednesday and an advance of 15.56 points on Thursday. On Friday, the market posted a gam of 15. 18 points. Friday's strong advance was apparently triggered by the Labor Department report that consumer price rises in August had slowed abruptly to a 2.4 percent annual rate of gain, compared with a July surge of 14.4 percent. The market also moved higher on news that he First National City Bank had maintained its prime interest rate at the 6 percent level it had set the week before. Bank Chairman Edward L. Palmer, chapman of the bank, however, said he was uncertain how long the bank would maint u nr that financial A. Jones, director - Econometrics Associates, Inc., an filiate of the Chase Manhattan Corp , predicted a 9 percent prime rate by the end of the year. The stock market shrugged off a report that congressional experts expect a budget deficit of $75 billion for fiscal 1976, compared with an earlier projection of $68.8 billion. Many of the mortgage trusts were under selling pressure this past week because of lower income, foreclosures and loss of confidence by investors. Adviser to Trust Chase Manhattan Bank indicated that it planned to buy $150 million of assets of the Chase Manhattan Mortgage & Realty Trust. Chase is adviser to the trust and its largest single lender, holding about $150 million under the trust's $800 million revolving credit agreements. Gold issues declined on the Big Board as the price of the metal in London plummeted by almost $15 an cunce in five trading sessions. Sharps, Pixley St Co., Ltd., a London bullion dealer, said there was a bear trend in the bullion market at tne present time. af- Two-year-o- '.!! they!; t!.' Prsws'A'scd Inc., area cendsminitim ers, is going back to origins with build- dev- - j Innment of subdivision, single-famil- y Models will have two to four bedrooms. Prowswood Back to Houses (Copyright) Prowswood, Inc., which early anticipated the condominium boom and rode it out to become one of the Wests largest condominium builders, is getting back into the single family home market. The firm is offering five models at its Oakwood Estates at 8300 S. loOO Hast. Price range is from high $30,000 to low $40,000, the firm said. Equipped Kitchens Models provide from two to four bedrooms and include carpeting, aluminum siding, full unfinished basements, range, dishwasher and disposer-equippe- d kitchens. Prowswood got into the condominium business in 1964 with the opening of Three Fountains, a highly successful inaugural venture. Prior to that it had been one of the largest single family and custom home developers in the area. Prowswood president Richard Prows subsequently became one of the leading condominium proponents, a role that frequently engaged him in public forums. Adverse Sentiment These were triggered in part by some adverse sentiments, particularly in the Murray area, which held that the growth of the condominium movement was a threat to traffic patterns and a usurpation of open space. Mr. Prows countered that the condominium concept optimized space use, made it easier to provide communal amenities, such as dub houses, tennis courts and swimming pools, and that the staggered work patterns of the owners precluded a high impact on road systems. The storm is apparently over now with the general decline in condominium construction and the fact that the condominiums did not wreak the social havoc originally apprehended. $77 Million in Work The firm, to date, has built some $77 million in condominiums. into the single-famil- y Of its market, Mr. Prows noted: Because of our growth in manpower and experience, we feel it is the right time to this segment of the market. Executive vice president Robert Wood noted the e customer service departfirm will have a a carry-ove- r ment from its open space condominium communities. We learned from just how important customer service is to overall customer satisfaction, he said. ar er full-tim- A whisper about gasoline prices going up will send the small car wholesale prices skyrocketing ot By Jocob Smith, CPA Leases Hint Interest High In Utah Drilling Activity ling activity this year does not indicate lack of interest in oil and gas leasing activities, if recent large leases taken are any indication. According to Carlton Stowe, information specialist for the Utah Geological and Mineral Survey, several larg.. leases have been acquired in recent months, indicating drilling activiwhich has fallen to ty little more than half the 1974 figure does not indicate disinterest in Utah oil and gas lands. ! Acquired Leases 7 Vem K. and Dorothy Jpnes, Salt Lake City, recently acquired leases oil more than 252,000 acres of Bureau of Land Management open leasland. Most of the ing acreage is in Tooele County, Mr. Stowe reported. JPatrick Petroleum has reported th acquisition : in an 80,000-acr- e leasehold in northern Rich County for more than $500,000. Mr. Stowe said the company has indicated initial exploration will be conducted this year including acnal photography, and gravity and seismic studies. Drilling will probably not begin until next year. Other partners in the are lease Quasar American Petroleum and W. R. Grace & Co., each with 25 percent interest. Report Progress Although only 20 rigs were reported at work in Utah last week (compared to 45 at the same time a year ago), several have reported progress: Texaco, Inc., has completed the B-- l Gardner in the Bluebell field of Eastern Utah. It flows 35 barrels of oil and 150,000 cubic feet of gas daily. In northeastern Livestock Markets vSDA Idaho Utah Eat'err Nevada feediot and raw wwei. wag ending Swof through midweek modarat. demand good, late trade alow khiv tfeadv, tew Slaughter hotstett then ,SO-- l 00 higher, ataughter heffera firm, confirmed 4Jlt fhti waek on J.ffS and IMS heitert average price and weight of Ueoraaotd hit week 47 00 at M 23 iba, taai week 47 45 et 1125 fee, leaf veer tide Iba Slaughter ateera, high good and 10001200 ib 47 oo ea SO, chewee meetly mKed good and choice as 40, good 12501300 lb hoi vt etna 31.50-3- utm 00. Slaughter heifer, high good and lb 44 00 45 00, moaty choice few 45 SO in western section. came Feeder trade fairly active, confirmed aale 30 000 Feeder cattle 0 strong to 00 tngher, choice lb Steers 35 OOtt 00. 650050 4) (teert 36 0038 00 choke lb heifers 28 00, mode ete volume selves tb atee choice and prime 32 00, heifer mate 28 00 V 00, choice 350450 lb steers 31 00, All October heifer mates 26 November delivery. Slaughter lambs I higher, feeder lambs firm choice tb slaughter tamos 43 0043 50, choice 0 lb feeder iamoe 39 0040 00. CM Unveils Transit Bus A new transit bus was PONTIAC, Mich. (AP) unveiled by Gereral Motors Corp.s GMC Truck & , Coach division here. ! The Bus, which includes a new suspension and automatic transmission, is named RTS lor Rapid Transit Series. bus will be in production within 10 The months, said Alex Mair, a GM vice president and general manager of the division. t f. U. OF U. RESEARCH PARK Hew 60,000 sq. ft. office & R & D Building. Will divide and finish to tenants specs. Building situated on 4 .acres of landscaped property. parking. Finished area rental $4.51 per sq. ft. Basemen! storage area $2.50 sq. Cff-stro- 1 One VIENNA whose homes were damaged can deduct Lheir losses from storms and sudden flooding, landslides, etc., but you cant deduct the loss in value of your property that was an indirect result of the events in your area, according to a federal appeals court. Another federal court has ruled against allowing a loss due to a faulty title, unless you can prove fraud, and actual damage caused by the fraud. Dear Mr. Smith: I buy ail my insurance from an old friend who has always given me good service. Lately, he wants to sell me tax shelters which are supposed to help save on income have been very badly damaged by earth movements after storms. Even though my home was not damaged, I found out 1 cant sell it without taking a big loss. And to top it all. when I listed my home for sale, the broker discovered that the title doesnt cover the entire property. The man who cheated me is somewhere in Australia. How do I figure the total deductions to take on my income tax 19757 R.K.K. Derailment woman was killed and 25 persons were injured, 10 of them seriously, when three cars ef a train from Budapest to Czechoslovakia were derailed Saturday at Emoed, the Hungarian news agency MTI reported. Although you have three very genuine losses I am unable to assure you than any of them would be allowed by IRS. The damage done by dogs might qualify as a casualty loss, yet in a revenue ruling, the IRS has stated that if horses eat bark off Metal Building Special Ef - Portland, Oraqon Do you have an Income tai problem" Writ to "Advice To The P.O. Bov Taxlorn Tucson Am., 15717, (or information lhal mav help you. Your identity wiU not be disclosed. 4ri, irr & Pipe Dream TROLLEY SQUARE UPSTAIRS 9rHn3 FROM THE PLANTATION :!! QUALITY CIGARS CUSTOM 8LEN0S MUtf IN THIS A0 FOR A 20 DISCOUNT ON TMt QUALITY tUNO OF YOUR CHOICE ; GIFTS & PIPES I MBWMthMia iTIg WW m erXSBSSbSS FORD 9000w335, (2) 71 GMC ASTROS w335, 318, (3) '70 MACKS w335, SQHD's; (13) '69 MACKS w335, SQHO't; (8) 67 & 68 MACKS w318, SQHD'; 68 PETE w318, Comv., 251 in. WB, 15 OTHER TRUCKS: 13 0 ft. FLATBED, (2) 40 ft. REFER VANS, (2) 22 ft. UTILITY PULL TRAILERS, (10) 74 TANDEM DIESEL wHyd. CHEV. PU. '69 IHC DCF-40- 0 Elec. Pitman Crane, '72 PETTI-BONSuper 20 Cary-Lif& Hyd. Power Augers w Leads & Augers; Air Comprei-lori- , Weldert: MUCH MOREI $ JERRY STRASHEIM Phon: (503) 283X163 (603) Construction Co. IElNttlrZ3k 467-732- 5 1 sft 20 I metal buildings available in other sizes ' 998-884- 4 government. IN SALT LAKE: eactSoa company Phono: : .I f 0 northwest P.O. Boa 17C3S Portland, Oregon 17217 . Accounts are protected up to a maximum of. $10,000 by Industrial Loan Guaranty Corporation of Utah, a private corporation which is not an instrumentality of the Sfate of Utah or the federal Cell or Write for Free Descriptive Brochure. IX lP TxasM FMA offers you the highest interest rates on passbook savings and thrift certificates in Utah. This highest rate plus the magic" of compound interest means your money is making you more money faster. For instance, a $5,000 deposit in FMAs new Thrift Certificate at 14.47 (average annual effective yield) will over double your money at maturity ($10,065.94). There are several savings programs where your money makes you money. Why not contact FMA for details today. 72 10,025.00 f.o.b. factory ed expect to be in a lower bracket. In some cases, you may achieve a further tax benefit if some of the income consists of capital gain. Tax shelters are usually speculative investments and you should be prepared to absorb any loss that may occut. 10:39 A.M. Bankrupt Eftata of Woctarn Laating Co. and othart PRICE: 785-- 5 The new model introductions should take' a,, chunk out of a used cars value, but it doesn't appear to be happening this year. There is a fantastic pent-u- p demand for cars, both new and used. There's a strong market coming that will knock , your eyes out, predicts Heffinger. When it will, come Im cot sure, probably 1977. Eut it will Cume once the economy turns around and becomes stable. National Market Heuingel traces his fitiu back as far as 1911 with the red and Reports, Inc. blue books coming out as a separate comany in 1923, predating everyone else in the business by at least 20 years. We list cars back about eight years. Carrying anything more than that would make the book too large and besides, past eight years a car is either junk or worth more than it was new. later years when you invest- Prevtouily Schadulad Sept. 18, 1975 $ UTAH COUNTY should be. Construction Equipment EXPO CENTER 50' x lQO'xl 4' including: one 37 door one 12' x 12' framed opening gutter & downspouts painted roof & walls SLC tax shelter Thursday, Sept. 25, 1975 SIZE: CALL: Bell A ment is of most benefit when it is economically sound and will defer payment of income taxes to N OCDD1: 2060 East 21st South, 84109 215-41- 91 - 437 5471 Thrift & IXKTD 550 24th Street, Ogden, lit. 84401 Hi. 399-553- IVhoi it CG2SCS3 to Evictions 41 f9 m io usv3 jjf Jlwfv - SiNceyiyn Phon328-a2- 1 P OtrftiMinif ' ' na in wkw , yo-y- $450,000 EVALUATION ot ft. Your neighbors $100. minute we're gone, they're in that back yard. other Second, sam homes three blocks away return for 47-se- ; Dear Mr. Smith: Everything seems to be going wrong this year. First, our beautiful back yard was ripped up and practically destroyed by neighborhood dogs. The Utah, Mapeo, Inc., comBarpleted the No. rett well in Altamont flowing 158 barrels of ul daily. In addition, a new exploratory test is scheduled ir. southeastern Utah's San J uan County by Ladd Petroleum. The 6,000 foot Federtest at the No. al is of the Paradox formation east of Bluff. And, in northwest Wyoming, Mountain Fuel Supplys Kent Ranch well continues on its way test. Its to a 14,000-foobeing drilled by Brink-erhof- taxes. My wife and I both work and always get income tax refunds this year we got a $700 refund out of $2,200 we bad paid in. We acan afford to invest about $5,000. What do you advise?,! P.S. This column does not give advice as to the safety or profitability of investments. If you are in a top income tax bracket of 30, your tax shelter investment (whether real estate, oil and gas, farming, or other type) should be designed to save you at least $3,000 in income taxes within a five-yea- r period. If so, your $5,000 investment has actually cost you $2,000. Later on, you will have to report greater amounts of taxable income to make up for the temporary tax benefits. trees, the damage is not deductible. Even if allowed, your deduction is limited to the decrease in value of the entire property, less - Like a Commenting on this falls used car market, Heffinger says it's stronger than it traditionally Damages May Not Be Deductible feet till,) ing rig in southwest Wyoming Brinkerhoffs No. 53 drill- - drills to 14,000-folevel. 100 interest .!. -l Theyre of a half -- three-year-ol- Advice to the Taxlorn dril- !! becoming more valuable. T". The best ued cars find a ready market any tune, but now they are selling at a premium. Used car!-- ! prices usually begin to dwindle m late summer, but. this year many prices were higher m August than . - I-- t the spring. Vj! ! Ford LTDs went up more than $200, as did Chevrolet Caprice models, The smaller cars are up in value by'.;. Pintos, Vegas and Mavericks morethan$100. Detroit automakers are hoping the higher used! car values will take some of the sting out of the!;! $200-plu-s increases on the 1976 models since, will be worth more. Dealers already!! claim, trade-in- s say the used car market is stronger now lhan in;!;! !years. Very Lucrative Car d A two- - or used car is lucrative car to have on the lot right now, sajrs John!;-Walsh- , general manager of Carlsons Motor Sales in ! Concord, N.H. At Dan Creed Chevrolet in Buffalo, ! N.Y., theyre selling one used car for every new car instead of the traditional ratio in favor of the new models Most attention is given to the new car market where, in a really good year like 1973, 11.4 million new cars were sold. In the same year, nearly 20 million ' used cars changed ownership. Commenting on the strong market, in sharp new car sales slump, contrast w Detroits two-yeGeorge Ross of McMorris Ford in Austin, Tex., said many people are in the position where a used car is all they can aliord. In Houston, Tex., Tom Felton of Luke Johnson ' Ford says, if its salable, it will sell. , No Closer Watch If they are clean and in good shape, you cant keep them in stock at all, he explains. When new car prices go up, used car prices go up. Probably no man has kept a closer watch on the escalating used car prices then Jack Heffinger, the ' Chicago publisher of the The Red Book Used Car Valuations. Its the bible of the second-har- d car business and usually is referred to as the blue book even though it has a red cover. lleffinger, who's been in the business of determining used car values for about 25 years, says today's market is more turbulent than any hes ever seen. "Before the energy crisis of a couple of years ago, used cars depreciated pr(y regularly on a quarterly basis, Heffinger says. The greatest difficulty in the business now is the small cars. They re as susceptible to price fluctuations as the gram market. in!! , Utahs slackened If you have a good, clean;-- ! regard it with some affection. " DETROIT (ITI) solid used car, 119-ho- More than 4 .tit tit :: Nothing Like It :: of for Chase forecasting 'titv 9 r k |
