| OCR Text |
Show f Sbc alt fnlif BuSmCSS rilmnc March Saturday Morning Section 17, 1984 B Page 5 EPA Rules Kennecotts Smelter May Operate by New Standards By Robert H. Woody Tribune Business Editor Mr. Casper 1 Ms. Ten years after Kennecott disclosed it was going to replace its old Garfield smelter with a new unit, it has finally gotten word that it may now be allowed to operate under an Farrell acceptable and consistent standard. our Senior Vice Presidents Named Western S&L Shifting Its Structure Western Savings and Loan president Christopher J. Sumner announced a major restructuring of the firm Friday. He also announced appointment of four senior vice presidents to manage newly created divisions. Restructuring, he said, is response to deregulation in the financial services industry. We have acquired new talent to help us more effectively compete in the evolving financial arena, as well as to complement our existing expertise. Mr. Sumner said the new divisions are retail banking, finance and in formation services, commercial real estate and mortgage banking. Linda Farrell was named senior vice president of the Retail Banking Division. A graduate of Oklahoma State University and holder of a University of Utah MBA, she formerly was a management consultant with Arthur Young & Co. in California. Brian Casper, holder of accounting and MBA degrees from the U. and formerly with the Salt Lake City offices of Peat, Marwick, Mitchell, becomes senior vice president of finance and information services. Mark Gibbons was named senior vice president of commercial real estate Loan division, a group whose involvements ranges from joint venture financing of 550 acres of coastal property in California to a $10 million apartment in Salt Lake City. Jeffrey Evershed, also a MBA holder from the U., has been named senior vice president of the Mortgage Banking Division. Western Savings, with assets of more than $425 million, operates from 19 offices in Utah, Oregon. Washington and California. Bank Acquisition Intent Announced First Intermountain Holding Salt Lake City company (NASDAQ), announced preliminary letter of intent to acquire more than half of the stock of United Bank of Murray, institution. currently a closely-hel- d First Intermountain became a public company last year in a $3 million underwriting through Olsen & Co., Salt Lake City, with announced intent to acquire a bank or other financial institution. United Bank of Murray was Corp., Warner, Bank had assets ft tered around the possibility the companies would announce that Murdoch, who owns 7 percent of Warner's voting stock, had agreed to sell his shares to either Warner or Chris-Craf- t. Murdoch previously had said he might seek to gain control of Warner. No announcement had been made by late in the day Friday, and the parties had no comment on when word might be forthcoming. of $19,243,555. Year-en- d deposit level was $14,798,968. Capital, surplus and reserves stood at $2,822,043. First Intermountain said it is negotiating a second letter of intent to acquire an additional 40 percent or more of the shares. The transaction, it said, is subject to definitive agreement, internal examination of the bank, satisfaction of certain representations and ap proval of federal and state regulatory authorities. President of First Intermountain is Jay R. Tugaw, a vice president and mananger of Valley Bank and Trust Co., from 1972 to 1983. He is a 1968 University of Denver marketing graduate. Warner's common stock did not trade Friday on the New York Stock Exchange pending its announcement. The stock closed Thursday at $22.87M: a share, down $1.37V2. s common stock was off 12 Vi cents to $27.87V2 a share, when it was halted shortly after the opening bell Friday. The stock did not resume trading. Warner and Chris-Crarecently made an exchange of assets that with 19 perprovided Chris-Cracent of Warners voting securities and Warner with a 42.5 percent s television unit. stake in The move was widely seen as Warners defense against a possible takeover by Murdoch, who threatened either to buy up to 49.9 percent of Warner or to launch a proxy fight Chris-Craft- ft It represents a significant step in removing the uncertainty that has clouded the future of the Utah Copper Divison for several years. With approval of the state plan, I am hopeful that Kennecott will be able to move forward with its $1 billion modernization plan, which should New Mexico. Kennecott announced the smelter plan in 1974 with expected cost at about about $270 million. However, it ended up spending more than $300 million. Replacement cost now is estimated at half a billion dollars. a The smelter, using licensed technology process developed in Canada, represented a bold step by the copper company, since it byat some risk the more passed conservative approach of "scaling up" by experimenting with smaller units. Nor-and- chase to be executed in cash, promissory note and First Intermountain securities. for control of the New York-base- d entertainment and consumer electronics concern. Murdoch also turned to the Federal Communications Commission and a federal court in Delaware in an attempt to void the deal between Warner and Chris-Craf- t. The court has yet to rule, but the FCC denied Murdochs request last week, delivering a severe blow to his chances of taking control of Warner. Effectively, the new smelter increased sulfur capture to 87 percent of emissions compared to 66 percent at the old complex. There continued, however, ongoing argument whether the reduction was sufficient and whether variations from the standards could be allowed to accomodate intrinsic operational and meteorolgical anomalies. Bascially, the present standard limits the smelter to an hourly average emission of 18,200 pounds over a year's time, Robert A. Malone, environmental affairs director, told The Tribune. However, within that years time, under the "multipoint roll back" technique of control, the smelter would be allowed a one- Ken-necot- See Page Column B-- Market Has Best Week Since June - NEW YORK (AP) The stock market capped off its best week since last June with a strong advance Friday, responding to signs of progress toward narrowing the federal budget deficit. industrials Energy and blue-chi- p stocks paced the advance, which came on the heaviest volume in five weeks. The Dow Jones average dustrials climbed 16.96 to bringing its gain for the 44.60 points. The last time turned upward in Friday's activity. Prices of long-tergovernment bonds, which move in the opposite direction from interest rates, fell about $10 for every $1,000 in face value. said stock But market-watcher- s traders had been looking for months for any sign of progress toward redeadlock. solving the budget-deficit of 30 in- 1,184.36. week to it had a better week was last June when it rose 46.08 points. Volume on the New York Stock Exchange reached 118 The Market In Brief New York Stock Exchange March 16, 1984 million shares, up from 79.52 million Thursday and the largest total since 128.19 million changed hands on Feb. 9. Late Thursday President Reagan announced an agreement with Republican leaders in Congress on proposals to reduce the projected budget deficit by $74 billion over the next three years. The plan received a cool initial reception from congressional Democrats, and some analysts downplayed its significance as any major breakthrough in dealing with the budget problem. Interest rates in the credit markets, after falling late Thursday, and seized on Thursday's development as evidence that a serious effort to get the deficit down had begun. Another plus for the stock market was the decline in the money supply reported by the Federal Reserve on Thursday afternoon. Brokers said it eased fears of any stringent credittightening by the Fed. Gulf Corp. jumped 55s to 72, and Superior Oil was up 17 at 392, both in heavy trading. The Reagan administration formally declared its opposition to a legislative proposal that would block pending takeovers of the two companies and other mergers. Blue-chi- p and technology issues showing gains of a point or more included International Business Maat 1133'i; Minnesota chines, up 1 Mining & Manufacturing, up 258 at 775; Motorola, up 25s at 116l2; Texas Instruments, up 1 at 1337. and Hewlett-Packarup 1 k at 38'j. In the daily tally on the Big Board, advancing issues outnumbered declines by almost 3 to 1, and the exchange's composite index jumped 1 1.06 to 91.73. Nationwide turnover in NYSE-liste- d issues, including trades in those stocks on regional exchanges and in the market, totaled 136.19 million shares. ft Chris-Craft- March 17th thru March 31st Dutch Auction Sale We Fit You For Less Prices drop each day starting with first day of the Sale. You can bid on an item and reserve it for one day by signing the price tag. If the item is still available that day, its yours at the bid price. Factory Okidata 93 Printer Eagle PC 2 CUMIA TABLE W1 1'H 674. 599. st Day 9th Day 2th Day 1 -- IBM 999. One ot a Kinds Brand Name Irregulars Close-Ou- ts bOI TWAKI. 3495. 2601. 2395. lbtDdv 9th Day 12th Day Televideo TPC - Portable Televideo TS - 803 CPM COMPUTER 2495. 1683. IstDav 9th Day CP'M COMPUTER 1495. 12th Day 1995. 1508. IstDav 9th Day 1395. 12th Day Okidata 92 Printer 1 ' 599. 437. 399. st Day 9th Day 12th Day BMC t PB-10- 1 f 995. 589. 495. si Day 9th Day 2th Day Women's Large & Tall Sizes Gorilla Banana Daisy Wheel Printer Printer Franklin 250. 169. 150. IstDav 9th Day 12th Day ACE 1000 family Pak 1495. 930. 799. IstDav 9ihl)ay 12th Day n tl.Sv 399. IstDav 237. 9th Day '' 1 Leading Edge PC BMCBX-8- 0 Printer IBM Larae Sizes Riteman Printer ' 7.ivb ABIT COMPA 199. 2995. 2183. 12thDav 1st Day 9th Dav 1995. 12th Day 499. 276. st Day 9th Day 14Vi 225. 1 2th Day More than One Available on many items v 53 PRACTICAL -- COMPUTER SYSTEMS 2701 South Main St. Salt Lake City, Utah -- rrr, A to 32 6 to 22 Low, Low Factory Outlet Pnces! How Do We Keep Our Price So Low? We Buy Manufacturer's Odd Lots, Factory Over-runIrregulars and anything we can find as a low price. Our Goal is to have a large selection at the lowest prices. Because we buy Odd Lots and Over-run- s you may not find every style or color in every size. 5 4856212 nJ- Tall Sizes 38 to 54 s, YcS, ,, 1 The Dow Rises 13-1- First Intermountain said closing target is before years end, with pur- Halt Stock Trading Chris-Cra- ft NEW YORK (AP) Warner ComInmunications Inc. and Chris-Cradustries Inc. halted trading in their stock Friday pending announcements, leading to speculation they might be arranging a peace with publisher Rupert Murdoch. Speculation on Wall Street cen- t founded in 1973 by banker Frank Nelson, its president. As of Dec. 31, United Jake Garn, R. Utah, announced Friday the Environmental Protection Agency said it proposes to approve the state sulfur emissions plan under which the smelter has been operating for 2L2 years. Sen. provide long-terstability to its vast Utah operations." The approval, however, will have to clear public comment and other procedural hurdles, a Kennecott spokesman said. Similar arrangements are now in place in the copper producing states of Arizona and "Values to..." What doesit mean? Our regular prices are usually lower than other stores "Sale" prices and because we buy and Irregulars there Odd Lots, Close-out- s are often no real regular prices to comwe pare to. When we say "Values to..." the are giving you an estimate of what merchandise would normally sell for in most regular clothing stores. 546 I Smith State Sheet Mon., Thurs., Fri. 10 a.m. to 8 p.m. urray Tues.. Wed., Sat. 10 a.m. to 6 p.m. |
