Show 8A Standard-Examin- Wednesday Sept 26 1990 er Plan e©yld revamp deposit in WASHINGTON (AP) — The chairmen of the House and Senate Banking committees agree on key elements of a sweeping plan to revamp the deposit insurance system improving the chances for passage of major banking legislation next year Sen Donald W Riegle Jr chairman of the Senate Banking Committee on Tuesday introduced legislation that would force regulators to abandon their policy of protectall deposits regardless of ing ch amount at large banks His bill would impose losses on depositors with more than $100000 in a failed bank or savings and loan institution Currently the Federal Deposit Insurance Corp has an unstated policy of protecting all depositors in large institutions whose failure they fear would ripple through the financial system The drawback is that this encourages depositors to put their money in unsound institutions paying high interest rates - Under Riegle’s bill depositors would still be allowed to insure all of their money by splitting it among several institutions But currently permitted ways of insuring more than $100000 at a single institution — through trust and joint accounts — would be banned Riegle’s bill also would force g regulators to restrict the of ailing banks and S&Ls before they become insolvent Rep Henry B Gonzalez chairman of the House risk-takin- as Banking Committee has proposed similar legislation He called Riegle’s bill “right on tar- get" of his committee Gonzalez released a study by his staff showing the FDIC protected 995 percent of deposits in all bank failures during the past five years even though on average only 75 percent are insured In S&L failures between August 1989 and June 1990 9997 percent of all deposits were pro At a meeting Tuesday tected at an excess cost of $78 billion the study found The agreement of the two chairmen on the fundamental issue could pave the way for major banking legislation next year that extends far beyond deposit insurance Curbing the insurance would give lawmakers the leeway to restructure the financial system permitting banks to enter the riskier but potentially more lucrative businesses of insurance and securities underwriting IN LocalState ESTATE PLANNING: An estate 626-281- Mm STOCK SURRENDER: Bonneville Pacific Corp will surrender up to 49 percent of its common stock to Portland General Corp under an agreement expected to be finalized by er of Salt Lake City de- velops owns and operates independent energy projects It also has subsidiaries active in fuels exploration and development food and greenhouse operations SAFETY RISKS: Utah’s farmers and ranchers are being asked to become more safety conscious by the Utah Farm Bureau Federation which notes that preventable accidents continue to make up the bulk of farm injuries and deaths Farm Bureau President Ken Ashby of Delta says eight Utah farmers died in farming ac- cidents during the past 12 months The accidents could have been prevented had those involved simply followed the safety rules that have been stressed repeatedly the past several years Ashby says Farming and ranching continue to be the most dangerous occupations in America with an accident rate of 42 per 100000 workers For more information about the bureau’s safety program call 261-399- 3 National Americans’ 'median household income rose 13 per cent in 1989 after adjusting for the rise in consumer prices the Census Bureau reported today The increase followed two years in which median income had been unchanged In a report based on a survey of 58000 US households in March the bureau also reported that the nation’s poverty rate last year was 128 percent about the same MEDIAN INCOME: as in 1988 KEATING: Financier Charles H Keating’s request to lower his $5 million bail has been denied by a California appeals court The court without comment turned down the request Tuesday from the Arizona developer blamed by regulators for the nation’s biggest thrift collapse the $2 billion fail- ure of his Lincoln Savings & Loan Keating was indicted last week on charges of swindling investors in junk bonds sold through the Irvine-base- d now-worthle- ss S&L AMERICA WEST: America West Airlines has confirmed it is in talks about the possible purchase of the Pan Am Shuttle and for the backing of major aircraft manufacturers and leasing companies to finance the deal BOISE CASCADE: Boise Cascade Corp has tightened its pro- cedures to unsolicited take-ovbids The wood products company announced Tuesday that it has reduced the amount of stock a single person or group can obtain before triggering the plan it maintains will enhance the ability of shareholders to realize the value of their stock head-of- er long-ter- f Boise-base- See Y INSURE on 9A d WASHINGTON (AP) — The Senate voted Tuesday to spend $523 billion on agriculture and rural development programs in fiscal 1991 an increase of about $7 billion over the current year 9 The vote sends the bill to a conference committee with the House whose version is about $19 billion less costly Unlike the House the Senate supplied $3258 million in its bill to continue federal crop insurance a subsidized program through which private insurance companies protect farmers from the potential financial ruin of weather disasters The House favoring direct aid for weather disasters voted to spend $1015 million on a phase-ou- t program for crop insurance Agriculture interests in the House counted on the Senate to save the program and planned to fight for it in conference committee All but about $1017 billion of the total appropriations bill is earmarked for entitlement programs such as food stamps which are protected from deficit reduction cuts Many of these programs require increased spending because of increased participation Food stamp participation for example was up to 20 million people by the end of the fiscal year the highest since 1985 The Senate voted to spend $19 billion on food stamps next year about $12 million more than the Hou§e approved The bill also provides $235 billion for the popular WIC feeding program for poor pregnant women nursing mothers and their infants It funds the special milk program in schools subsidizes school lunches and breakfasts and supplies money for several other nutrition programs 79-1- planning and living trust seminar will be held Oct 3 at 3 pm at Zions First National Bank 2302 Washington Blvd Ogden The free seminar will be presented by attorney Douglas Taggart Call 7 for reservations GRAND OPENING: Toy retailer Toys “R” Us has scheduled a grand opening Saturday from 10 am to 2 pm at its new Ogden store located at Riverdale Road and 40th Street processing D-N- rural bill BfiEEF Bonneville ail Senate approves Business mid-Octob- However some members of the House committee and FDIC Chairman L William Seidman warned that it will not be a easy to get rid of the policy Rep Charles Schumer said big depdsitors would shift their money to foreign banks whose governments one way or another protect their large banks from failing Seidman said Riegle’s bill as 'fir KRISTAN Cecil and Sheila Roberts have heard every ‘hair raising’ joke there is in their 22 years in JACOBSENStandard-Examine- r business Couple’s wig business is tops By MARY LOU PHIPPEN Standard-Examine- r OGDEN — Being in the retail wig business Cecil Roberts has probably heard every “hair raising" type joke there is over the years But that’s OK because he’s got the last laugh — a business that’s still growing after 22 years in the same location “I worked for seven years at Penney Co training in business management before I changed professions" Roberts said “It’s a long story from to wig retailer” he said with a smile Seems his wife Sheila who is a hair stylist was working with a woman in Brigham City styling wigs that the woman would then sell on a party-typ- e plan The woman moved to Salt Lake eventually City and left the shop to Sheila Roberts began helping her until Penney’s decided to move him to Kansas JC the latest trends A couple of new ideas they brought back are “hair extension” and “hair integration”Now on hair extension hair is braided in three rows in the back of the head Then a hair piece of the desired length is literally sewed on to the braids “They can leave it in for 30 to 60 days then because of hair growth they need to rebraid and sew it on again “Hair integration” is a little different It’s designed for those with thinning hair or those who don’t like wearing a full wig It is an open webbed cap with hair sewed on leaving holes to pull their own hair through thus integrating it with the hair At Work Inside Utah Business B Company: Roberts Wigs B AddressPhone: 3480 Washington Blvd393-9Q0- 3 B Type business: Wigs B Annual sales: Average 125 wigs monthly$62 per wig B Date opened: 1 967 B Employees: selfwife B Hours: 9 am to 5 pm 9 am to 2 pm Tuesday-Frida- y Saturdays B Markets: Northern Utah area Pen-ney- ’s A year later the woman friend called to tell them a wig franchise was open in Ogden and would they be interested They were and the rest is Reed-Mere-di- th history That was 1967 “When we started we only had three or four basic styles of wigs but now there are at least 30 or 40 different styles — long short and in between” Roberts Durable good orders continue to decline WASHINGTON (AP) — Orders to US factories for durable goods dropped 08 percent in August continuing the flat performance of the past 18 months the federal government said today The Commerce Department reported that orders for durable goods — items expected to last more than three years — totaled a seasonally adjusted $127 billion following a revised 27 percent “big-ticke- t" UP&L Slandaro-Examine- third-large- But excluding transportation n in r said In fact the Labor Department reported earlier that 45000 facto- - start Utah Power & Light Co and PacifiCorp have in a sense become smaller with the designation of two Utah service areas where there used to be one The two power companies merged almost two years ago to create the utility in the West Now as part of the utility’s goal to decentralize operations it has designated a new boundary line at Woods Cross just north of Salt Lake 132 SOND JFMAMJJA IddO Aug ‘89 July ’90 1 26 8 SotxcB U 1 128 0 1270 S Deot of Commarc ry jobs were lost in August It was the 16th time out of 17 months that manufacturing jobs declined Many analysts had expected the overall decline in orders See DURABLE on SA st City Company officials hope that by Aug ‘90 j He’s been selling Eva Gabor of Paris Natural Tony of BevEuropean erly and Henry Morgan and in June of this year Roberts was See ROBERTS on SA wigs along with Rene administrative and international programs The bill also funds the Food and Drug Administration and the Commodity Futures Trading Commission The money that goes for subsidies on certain commodities is subject to deficit reduction cuts and could be adjusted after a budget agreement is reached area splits service north of SLC By JAMES THALMAN Billions of dollars seasonally adjusted IMS piece include operations rural development New boundary line designated just gain in July defense and overall orders would have fallen even steeper Without either category orders would have dropped 16 percent the department said Durable goods orders are a key economic barometer of manufacturing industry plans for production decrease in orders could result in a slump in that sector and subsequent layoffs Since reaching a peak in January I99 the manufacturing sector has lost 455000 jobs La- said adding that the face shape and hair type determine the style of wig “We try to get as close to their own style as possible” The Roberts attend a lot of seminars to keep up to date on Other agriculture programs supported by money in the bill dividing operation deci- sions they will be able to tailor the supply specifically to customers' demand in those areas Management offices for the Northern Utah Idaho and Wyoming region now known as the Golden Spike area will be based in Ogden under the direction of Lee Carothcrs The offices may be housed in the City Centre II building under construction on the north east corner of the Washington Boulevard and 25th Street intersection Carothers said Tuesday that other sites are under consideration “We’ve been taking a look at that (City Centre II) and we’ve been involved in negotiations with some folks but nothing is needs a new a building and the owner of neighboring American Nutrition Inc would like to expand he said UP&L officials hope the new regions will help it keep better track of its bottom line by helping customers watch theirs The closer the utility can be to the A new site that is definite as part of changes at the utility is the construction of a new service center in West Ogden Plans for the center which will tomers the more ability it will have to monitor and stabilize electricity rates in the long run Carothers said Meeting the needs of the company’s commercial and industrial users who constitute of the utility’s demand is the motivation behind the change he said Residential d customers make up about of the demand for power definite” he said house the power company’s hardware and truck fleet have yet to be drawn up Carothers said But preliminary plans call for moving the center from its current 2Sth Street and Wall Avenue location to 21st Street with construction to begin in June 1991 and completion expected a year later Upgrading the center has been discussed the past four or five years he said Just recently conditions were such to allow that to happen The utility 113000 Northern Utah cus- two-thir- one-thir- In past years when the area was simply the Rocky Mountain Region decisions were based in Salt Lake City “and we weren’t able to be as "respon- sive as we wanted to said be" Car-othe- rs |