| Show lowudow Market Breaks Losing Streak At Last Minute 1ta1ct (Tribune (The litusiness Wednesday Morning—May 11 1988 Section D Page 1 I Publisher to Chair SL Chamber Board ' Joe Rolando Tribune Business Writer The board of governors of the Salt By Lake Area Chamber of Commerce agreed Tuesday to support a program designed to encourage every business to hire at least one youth between 16 and 21 years old during the summer Lenoris Bush executive director of Utah Opportunities Industrialization Centers Inc said his orgAnixation at 1776 S West Temple administers the program known as Hire One Youth along the Wasatch Front He said "Hire One Youth program was endorsed in 1981 by several governors and by the US Chamber of Commerce United Ways of The Utah OIC has takAmerica en that same thrust in the local area for the last three or four years We've had the governor as well as the county commission sign proclamations declaring the month of May Hire One Youth Month" Mr Bush said he sought the chamber's help because if each business represented by the US Chamber of Commerce hired one youth "we'd no longer have a youth unemployment problem" The program was the brainchild of Dr Leon Sullivan founder and chairman of the OIC concept In 1980 be gained support of the program from local government the US Chamber of Commerce the United Way and churches B Murphy Utah OIC employment specialist told The Tribune the program will try to find a job for any 16 to who walk through its doors But he said the program's special niche is to help youth who for some reason may have "slipped 'through the cracks at Job Service" or at some other summer youth job program or who fit the federal government guidelines of being economically disadvantaged Mr Bush said if the youth is hired between May and Sept 15 the employer can take a tax credit on at least 85 percent of that wage He said- - "If that person works longer than Sept 15 then it the tax credit could only amount to 40 percent of the wage up to $4500 per year for the Tirst year and it the credit decreases for each of the following years the person is on the job" Mr Murphy later said an employer can qualify for the tax credit only if they hire a youth eligible for US Department of Labor's Targeted Jobs Tax Credit program The program identifies nine target groups which have traditionally had difficulty obtaining and holding jobs Eight of the nine target groups include: — Economically disadvantaged summer youth employees age 16 or 17 when hired who have not previously worked for the employer The definition of economically disadvantaged varies with location Mr Murphy said the Utah OIC office is qualified to make that determination — Youth age 18 to 24 from economically disadvantaged families — Youth age 18 through 19 from economically disadvantaged families who participate in a qualified cooperative education program — Handicapped people referred to employers from state vocational rehabilitation or Veterans Administration programs — who are economically disadvantaged and hired no later than five years after release from prison or date of conviction whichever is more recent — Recipients of Aid to Families with Dependent Children who are eligible for AFDC on the hiring date and have received it for 90 dayus immediately prior to being hired — Recipients of Federal Supplemental Security Income and — Recipients of state and local general assistance payments for at least 30 days Chamber president Fred S Ball said the chamber board has supported this program in past years He said " But our members who contacted me said we didn't emphasize this tax credit enough" Mr Ball said the chamber would work with the Utah OIC officials to provide adequate information about the program to members Mr Bush said of the 16 million Utaluis — the majority of whom live along the Wasatch Front — some 225000 have not completed high school He said "There is about 19 percent who were enrolled in school at the seventh grade who dropped out by the time they should have graduated from high school We loose too many of our kids in the local area to the dropout syndrome And hopefully we'll take this program and improve on it" ( By John C Given AP Business Writer NEW YORK — Stock prices closed slightly higher Tuesday little affected by news that several major e brokerages bad suspended acown for their trading counts in attempt to curb volatility and woo frightened investors back to the market The Dow Jones average of 30 industrials settled at 200365 up 630 points Gainers edged out decliners on the New York Stock Exchange with 745 up 713 down and 507 unchanged Volume on the Big Board came to 1312 million shares compared with 16632 million Monday The session started off with moderate gains after the first of what grew to five brokerages announced e that they were suspending trading or had recently done 1 i roprocessor-based l telephone-cal- It accounting systems reported net sales of $431765 for the first guar-te- r an increase of 41 percent over West Jordan C of C Plans Tax Seminar For Small Companies Special to The Tribune WEST JORDAN — The West Jordan Chamber of Commerce is spontax and cash soring a management seminar The seminar will cost $10 per person with advance reservation or $15 at the door It will be taught at the Vest Jordan City Offices at 1850 West 7800 S on May 19 from 6:30 to 9:00 pm The seminar will feature such topics as how to increase profit margins implement tax saving strategies de sign retirement plan options main Lain internal controls enhance cash small-busine- flow management and evaluate forms of business ownership Instructors will be Keith C Prescott CPA a senior tax partner with Haynie and Co and James B Rawlings UP vice president with Gilbert Financial Services America West Notes Firsticuarter Loss Special to The Tribune PHOENIX — America West Airlines has announced a net loss for the first quarter of its 1988 fiscal year of $16319000 or $115 per common 1987 ii Lla Eli‘ The company which has six daily flights from Salt Lake to Phoenix to and three flights a day non-sto- p Las Vegas has served the Utah mar ket for approximately 212 years America West said its loss was up from the net loss of $5977000 or 60 cents per share reported for the first quarter of its 1987 fiscal sear Contained in the 1988 results was a net gain of $2630000 from the sale of three first-quart- first-quart- 737-20- 0 er er aircraft 411001- " f i Mr Mortimer ' Mr Lawrence so Index arbitrage takes place when traders using computers play off differences between futures contracts and their underlying baskets of stocks It has been criticized as causing wide swings in the market scaring investors away and contributing to the market's recent inability to respond positively to favorable news about the economy By early afternoon the rally was eroding away and had turned to an overall loss with less than an hour to go Only a spate of ordinary buy orders turned the tide Contributing to the market's bearishness is an underlying fear of higher interest rates brought on by re- ii - Mr Nebeker A t 4"4 t 111 i t I Ms Ramsey Mr Moffitt t " downtown area and other areas in the valley in a cooperative spirit He then announced board members who will help comprise the executive committee and oversee the various councils within the ' 1 chamber They are Gerald R Moffitt refinery manager for Chevron USA a i i LA ' I k 9 - ela i Ao'4- 2 Ft I st LI LZ7cJ Mr Gillette Mr Fotheringhara t vice chairman communications David L Gillette board member and senior tax attorney for Van Cott Bagley Cornwall & McCarthy vice chairman government affairs Robert S Fotheringham founder and chairman of FotherIngham & Associates vice chairman membership Stephen B Nebeker member of the executive committee of Ray Quinney & Nebeker vice chairman small business-- major challenge unifying its work with that of other chambers of and chief executive officer of U S WEST Communications as first vice chairman in charge of the chamber's program of work the goals and objectives for the coming year Dallas H Bradford managing partner of the Salt Lake office of Arthur Andersen & Co will serve as second vice chairman in charge of budget and finance Regarding the chamber selling itself Mr Mortimer observed "We need more new members We need more support We need to bolster our finances" He said the chamber also faces a last-minu- - - -- ir Mr Mortimer will succeed DN "Nick" Rose of Mountain Fuel Supply Co at the start of the chamber's fiscal year on July 1 The board also elected W Mack Lawrence Utah vice president index-arbitrag- -- 4 LL Mr Bradford Wm James Mortimer president and publisher of the Deseret News Tuesday was elected chairman of the board of governors of the Salt Lake Area Chamber of Commerce Mr Mortimer vowed the organization will do everything it can to sell itself during 1988-8- ''' C-- i i 1 commerce in the Salt Lake Valley He added "As you know many small cities are moving their chambers to be more competitive And we don't want a spirit of competitiveness We want a spirit of cooperation It will be my intent and desire to build that cooperative spirit with the other chambers and with all elements of the Salt Lake area" Regarding the revitalization of downtown Salt Lake City Mr Mortimer said it poses some mtjor challenges But he said the chamber can help "look after" the i t' I t i development and Rhoda Ramsey partner in The Ramsey Group vice chair special programs Fred S Ball will continue as president and general manager of the chamber As such he is also a member of the chamber's execucommunity t tive committee cent signs of strength in the economy Some analysts said traders were nervously watching Tuesday's start of the Treasury's three-da- y auction of $26 billion in new bonds and notes fearing that limited Japanese participation might send rates higher amid slack demand In Tuesday's auction yields on three-yea- r Treasury notes did rise to the highest level since November averaging 823 percent up from 742 percent at the last auction Feb 1 Nationwide turnover in NYSE listed issues including trades in those stocks on regional exchanges and in the market totaled 15172 million shares 5 Firms Suspend Computerized NEW YORK (AP) — Five of the biggest brokerage firms said Tuesday they had indefinitely suspended a computerized trading strategy that critics blame for spasms of destructive volatility in the crash-scarre- d stock market The announcements by Bear Stearns & Co Kidder Peabody & Co Morgan Stanley & Co Gutfreund chairman and chief executive of Salomon said in a statement that reflected a view expressed by the others as well Kidder Morgan PaineWebber and Salomon said they had suspend ed index arbitrage program trading for their own accounts Opponents of program trading ap PaineWebber Inc and Salomon Brothers Inc marked the most aggressive voluntary step yet to calm an outcry over program trading Trading Hartford securities firm that has urged tough restrictions on program trading Conn-base- d 1: ) II t n were t1-11- 1 "7'1 9 LI 'kikb-7- (It rlit (77) zII) 12)0 1987 Research and development expenses of $42392 were up 4 percent compared with the previous year the company reported John L Gunter PhD president of TEL said the company's challenge in 1988 is to focus on new dealer programs large account sales and new products "We believe that the foundation we have now built will bring increased sales and earnings for TEL" be said ) rir:r r7ri::1J11-- Eit"r77"1viltt F--2--Nrrir- i ) I frltpc) t212i z u Id r -- r r r fr e t 1 -- moo BIDS ARE REQUESTED BY MORRISON-KNUDSE- N BIDDING AS PRIME CONTRACTOR THE FOLLOWING PROJECT: II f 4 -- woo :1 000° I) SYAR TUNNEL DIAMOND FORK POWER SYSTEM Bonneville Unit Utah !I Central Utah Project I Bureau of Reclamation Upper Colorado Region PO Box 11568 125 South State Street Salt Lake City Utah 84147 1 r car phone has been more affordable And if wu contact U S UTST Cellular right MU: VV 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