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Show t N Apartment Surge aAv gait Home Building Activity Gains During August him to By G. David Wallace lietter housing market in the months ahead. Michael Sumichrast, chief economist for the National Association of Home Builders, who is in Salt Lake City- - for the associations fall board Its a meeting, said, satisfactory rate, and the prospects are certainly quite bright. Sumichrast and other economists had been cony cerned that the or apartment sector had been lagging in recent months, threatening a continuing climb in home building activity. Continue Recovery But Sumichrast said y the surge in the sector ir August means its clear now we are going to continue our recovery. Starts on new apartments were up 48 percent to an annual rate of 284,000 in August after a Associated Press Writer - AcWASHINGTON tivity in the home building industry quickened in August, thanks to a surge in apartment building, the government said Friday. The Commerce D- said the epartment number of new housing units started in August was at a seasonally adjusted annual rate of 1 542 million, or up 10.9 percent over July. That compared to a 7.9 percent decline in stans during July and constituted the highest level of activity since 1 547 million units were started in February. Much multi-famil- was attributed to a federal program helping poor tenants pay then-ren- t. - Asof isted p oss A'lrpphofo A Gas-Eati- ng Butterfly? its first public appearance. Designed SANTa BARBARA, Calif. Eagle II, prototype of a research safety vehicle built by Minicars, Inc., recently made under it has a $3.2 million federal contract, the most safety ever put into a car." UP & L Earnings Double 75 Level Despite extensive damage to its Huntington power plant that will reduce profits about $3.1 million this year, Utah Power & Light Co.s earnings for the first eight months of 1976 are almost double that of last year. NY-- t income was $41,269,150 on revenues of $1 18. lb million. That compares with net income of $23,175,302 on revenues of $138.42 million last year. After payment of preferred stock dividends, earnings for common stock were $34,069,148, or $3.33 per share, compared to $17,704,899, or $2.08 per share last year. The increased revenues were due to four rate increases and an increase In the amount of electricity That was up slightly from the Aug. consumption of 7,853 kwh. 31, 1975, average UP&L has also tentatively scheduled the sale of one million shares of common stock and $40 million Luiuis next Wednesday. worth of Company officials are aalysts. The utility has called for bids from brokerage firms for both offerings. in New York in meetings with securities The sale is dependent on the bids received and whether UF&L feels the offers are satisfactory. UP&L stock has recently traded in the range, well above the stocks book value. sold. Residential sales for the first eight months of the 1.74 billion kilowatt-hourcompared to 1.68 billion kwh last year. year totaled 8.62 Average annual use by residential customers for the year ended Aug. 31, 1976 was 7,994 kilowatt-hours. Company Boosts Dividend Vagabond Hotels, Inc., San Diego, has acquired nine acres at 1900 W. North Temple, for construction of what it terms a new prototype motel. The parcel was sold from a tract owned by Salt Lake City banker Roy W. Simmons and Salt Lake City businessman I. J. Wagner. The price was not disclosed. Speculation is that it could range between $350,000 or $450,000, according to values in the area. re Special to The Tribune Utah Liternational, Inc., has increased its regular quarterly dividend to 30 cents extra dividend of per share and declared a year-en- d 10 cents per share. Both dividends are payable on Oct. 15 to stockholders of record on Sept. 30. The old regular dividend was 25 cents per share. SAN FRANCISCO Vagabond is a public company and on the national trades And permits multi-famili- two Page section C figures Oakland Firm Joins With NL Industries said the that indicate about half of the new v starts m the sector were generated by the federal governments Section 8 rental subsidy multi-famil- -- Directors of NL Industries, Inc., New York, and the Rucker Co., Oakland, announced agreement to merge Rucker into NL. The deal is subject to stockholder approval. NL has about 20 million shares outstanding with current market value of near a half billion dollars. Rucker has about five million shares outstanding worth about $165 million. Upon merger, each Strongest Signal The program is now two years old but has trouble having Calif. OAKLAND, tenants. been share Special to The Tribune program for poor generating construction of new apartment units for the poor. The August the figures were that strongest signal yet the program is finally getting off the ground, Sumichrast said. The expectation is for additional help from the subsidy program in the months ahead, he said. Although Citibank of New its prime rate at 7 percent, said the Federal Reserve report Thursday that the Wall Street NEW YORK (UPI) institutions, anticipating lowei interest rates and a brighter economy, went on a buying stampede Friday to drive prices broadly higher in the heaviest trading in six months on the New York Stock Exchange. The Dow Jones industrial average, an winner Thursday, climbed another 7.15 to 995.10, giving it a gain for the week. Analysts were impressed the market faltered only slightly early in the week in the face of the new's of a stnke against Ford Motor Co. and problems in the steel industry. Analysts noted some professional traders were selling into the rally stream and considered this healthy for the market in the long run. The volume of 28,270,000 shares was the heaviest since 32,605,470 were traded March 24, the day the Dow average made its high for the year at 1,009 21. Mothers Days turnover was 19,620,000 shares. The rally was widespread with the NYSE common stock index gaming 0 48 to 56.69 and the average price of a common share Increasing 29 cents. Advances routed declines, 1,092 to 400, among the 1,909 issues crossmg the tape. Standard & Poors index, which includes some stocks, gained 0.93 to a new 1976 high of 1971. Good News' Talking to representatives of the Jaycees at the White House, President Ford called the figures good new's. The President said the steady increase in building permits encouraged York left ar.aylsts Boards nations feR $1.7 billion m tne latest week took the pressure off the board to tighten credit. money supply The Market In Brief 6.74-poi- Vagabond chairman Ben L. Silbers-tei- n also is president and owner of the Beverly Hills Hotel. Mr. Silberstein said Vagabond intends to build a prototype motel in Salt Lake City as basis for future Vagabond designs. The motel will have 150 rooms, convention facilities, restaurant and swimming pool. It also will have tennis courts, and a pitch and putt golf course. New York Stock Exchange VOLUME 1,089 change for 20 trading days prior to the final shareholders meetings of the two companies. NL would draw from about 5 5 million to 8 milllion outstanding but unissued NL shaies to complete the merger. Rucker designs, makes and markets equipment and services for drilling and completion of oil and gas wells. NLs business includes the production of oil well drilling muds. Merger would broaden NLs participation in the oil field services, the firm said NLs activities include recovery of magnesium from the Great Salt I .ake at a division located in Utah. Us $110 million recovery plant is now undergoing a $30 million overhaul with intent to resume 28,270,000 Operating Authority SHARES ISSUES UNCHANGED 418 Special to The Tribune DC. WASHINGTON. The Interstate Commerce Commission has TRADED 1,908 DOWN N.Y.S.E. Index 56.69 0.48 S.&P. Comp. 106.27 Dow Jones Ind. 995.10 0.93 operating authority to F-Truck Line, Salt Lake City, for operation of Machinery Transports, Inc., Peoria. F-and Machinery Transports reached ag- Xl5 B Associated Press Chart 106.27. temporary granted 401 500-stoc- k Rucker common Company Receives Friday, September 17 UP of would be converted into $33 worth of NL common The exchange ratio is subject to adjustment based on the average common on prices of NL Stock Exthe New York magnesium production late this year or early next year. 8.64-poi- market. It owns and operates 50 motels hi the West. It had 1975 revenues of $50.6 million. B years Sumichrast Market Scores Big Gain New Motel Scheduled billion kwh percent drop in July. issued for were up 19 percent to 324,000, the highest level in just over 197U 35 Heaviest Trading in 6 Months On North Temple s, Total electric energy sales totaled compared to 7.2 billion kwh. The increase left starts peicent ahead of the same month a year ago and was buttressed by an increase in building permits, which are considered an indicator of future activity in the industry. Permits were up by 6.8 percent to 1.298 million units at an annual rate, and that was the most permits issued since the 1.41 million in March, 22 IS, Saturday Morning. September multi-famil- increase of the expert "an even Sri bun f 'Business JCafef reement earlier this month whereby F-- Iteca'1 0rtlcr OUR LOSS, YOUR GAIN I8.S TUP ei m Alil&l Uftl HIS OUIm i vwvn RI Afve 113 Gulf Energy Cites Gains Reuters News Agency DETROIT Chrysler Corp. said Friday it is notifying owners of 40,782 of its 1976 compact and - Gulf Energy Corp., Lake City, Friday announced earnings of $58,306 for the first quarter of its fiscal year, compared to a loss of $762 for the same quarter a year ago. Salt cars equipped with power brakes to return the cars to dealers for a check of ftimiei the silencer pad m the power brakes The pad controls air noise during braking, and excessive density of the pad may restrict booster air input when pressure is applied to the brake pedal, Chrysler said. opportunity like this doesn't come down the pike everyday. First Security Bank has acquired title to several condominiums in St. George, Utah An X would Revenue during the period was $76,479 compared to no income last year. three-mont- h The company said mining operations on its 1,300-acr- e metallurgical coal property in Logan yv Real Estate Loans Call Nov For Cash County, W. Va., should begin in October. Gulf said its wholly owned subsidiary, Coal-X- , Inc., which operates the West Virginia coal property, is the general partner in a bmited partnership that IS financing the propertys Machm-er- acquire Transports for $3.2 million. F-now has operatmg authority iu 12 western states. It through 200 y operates contract long haul drivers, and has a Salt Lake force of 92. reported revenues of $1 1 million in 1975. F-- B Leyland Tells Profit Reuters News Agency Britain's biggest car manufacturers, British Leyland, has announced a big profit after a period of losses mainly due to strikes, lost production and falling demand. The government-controllecompany, which also makes buses and trucks, said pre-ta- x profits in nine months to the end of last June totalled $75.3 million. LONDON Machinery Transports operates in 12 Midwestern states through 63 independent contractors, and has about reveues of about $4 million a year. Merlin d The Labour administration took over the financially troubled firm last year, promising to inject some $2 billion o er the seven years on condition that relations between management and workers Improved and productivity increased Norton, president, F-- said the merger is a reflection of s vastly increased east-wes- t traffic He said he hoped a permanent operating authority could be gained within two y ears. We buy. sell and lend on 1st and 2nd Trust Deeds, and land Contracts. Paid tor or not. LET US HELP SOLVE mwrtfc YOUR c CONSTRUCTION LOANS FOR OWNER BUILDERS HOME IMPROVEMENT LOANS CONSOLIDATION OF DEBTS COMMERCIAL LOANS COLLATERAL LOANS UNITED MORTGAGE CO. necessary that we sell these attractive units as soon as possible. Therefore, you may take advaruago of e this opportunity and purchase a condominium which was originally scheduled to sell from $44,000 to $62,000 for only $34,000 to $44,000. The units range from 2 to 4 bedrooms and have many calmg extras such as. built in range and oven. dishwashers, disposals, baths, air conditioning and attached gdrage or carport. In addition, you can enjoy the use of a swimming poo, and clubhouse. The complex adjoins the seventh green of the Dixie Red Hills Golf Course which provides o very attractive setting Tnese umfs won't last long at this reduced price So we urge you to contact us NOW! 2900 So. Stoto Suita 100 Salt Lake City. Utah 841 1 3 it is V town-hous- 1,-2,- '2 IN SALT LAKE CITY CALL- IN ST. Craig M. Chandler IVlike (801) (801) CP 350-554- 0 n f? ttfstfi f fHh - M A Energy Research and Development Administration and San Francisco-base- d Pacific Transmission Supply Co. The board of directors of Equities, e Inc., has declared a three-centquarterly dividend, payable Oct. 1 to shareholders of record on Sept. 27. The dividend has been mcreased from previous per-shar- , Drilling will begin this fail about 28 miles southeast of Vernal, Utah. The well will go to about 9,400 feet. Bruce Woodruff, president of the financial-rea- l Lake estate firm, said unaudited earnings h per shaie for the period ended Aug 31 were 10 cents, compared with 13 cents per share for the entire calendar year of 1975. W. Salt City-base- d eight-mont- LUXURY HOME FOB SALE MARKETING EXPERTS ON-SIT- The project will seek to develop technology to improve production from natural gas reservoirs by hydraulic fracturing techniques. Firm Lists Quarterly Dividend by OWNER SALES E DINNERPARTIES MEMBERSHIP SALES 0 LOTS ACRE PARCELS -- 1 fasti (M.J J. GLOBAL RECREATION Ika 5 443 S. 7C3 E., S.L.C. Bedrooms address Suite 3 up and 2 down Willow Creek Drive 3 334-712- 3 baths, exclusive $74,500. 0r,er will 3V2 No finance. k. A - FRANCISCO Natural gas reservoirs in eastern Utahs Uintah Basin will be the object of a $2.4 million project being undertaken by the U.S. TIME SHARING n- wiuii) Special to The Tribune SAN (Large volume) 17 E ARE 10-2- 673-336- 5 I Sales? RECREATION Eagar rtf mn. 0 GEORGE CALL rs ah ubvcLur Do You Need ESA Joint Try to Seek IJintali Gas By cppoinlment only 942-594- 7 plame! |
