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Show New Deal Tor Historic Structure Chain Contracts Hotel Utah Management By Joe Rolando Tribune Staff Writer Westin Hotels, a Seattle-base- d chain with worldwide operations, has been hired under terms of a contract to manage the historHotel Utah in downic, town Salt Lake City. In making the announcement Friday, officials of both Utah Hotel Co. and Westin said the management change, effective immediatley, was made primarily to benefit the hotel by tying it into a major chain's worldwide marketing efforts. The hotel, owned by the Church of Jesus Christ of Latter-da- y Saints through the Utah Hotel Co., has been managed during all of its history. Under terms of the contract executed recently, Westin also will Hotel Temple manage the Square, 75 W. South Temple, also owned by Utah Hotel Co. That hotel's name will not change. But Hotel Utah has been renamed The Westin Hotel Utah. This is the most amicable change 1 think that could happen from almost every standpoint," observed Victor L. Brown, chairman of Utah Hotel Co. and presiding bishop of the LDS Church. There have been no problems that caused us to go this route " No Immediate Changes Mr Brown and Dwight Call, Westin president, said no changes will be made immediately in management or in the status of the 500 who work at the two hotels. Mr. Call said Westin will evaluate the two hotels before deciding whether to make any major changes. Mr. Call also announced that Thomas C. Hosea, 41, a senior manager in the chain, will be general manager of Hotel Utah. The Denver native comes from Westin Cincinnati in Cincinnati, Ohio, where he held the same position. He started his hotel career in 1966 as a bellman at Strater Hotel in Durango, Colo. Since then he has held a number of hotel and food service management positions. He is married and the father of three children. Formed Committee The Hotel Utah board formed a committee to find either an individual or company to manage the hotel after Stuart G. Cross announced in April his retirement, effective June 560-roo- 189-roo- 1, to become president of Oakland (Calif.) City Center Hotel Mr. Cross was not only managing director of llctel Utah, but president of Utah Hotel Co Westins Mr. Day said the chain will continue with Hotel Utah's long-helpolicy of not selling alcoholic beverages. But he said Westin hasn't d anguished over that because it feels it can provide services that will make the hotel "more than competitive" with others in town which do sell liquor. Mr. Brown said Westin's worldwide marketing includes a reservation system. "We think that from the traveler's standpoint, we will become much more widely known. From the local community, which generally speaking is proud of Hotel Utah and its history, we think it will see nothing changed except those things that need to be improved will be improved. Fits Very Well Mr. Day said Hotel Utah fits very well into Westin's operation. "We have other properties in other cities that are landmark distinction such as this property. And we feel it is extremely important that each hotel has its own personality within its given community. We do not espouse cookie cutler hotels," he said Westin Hotels was founded in 1930 as Western International Hotels by six hotel operators who banded together for financial stability during the Great Depression. It is a wholly owned subsidiary of UAL Inc., also the parent company of United Air- $Ik Sail i'ak e Sribunr Business Saturday Morning Section June l'JS4 16, B Page 11 lines. The firm employes 27,500 people and operates 53 hotels with 29,240 rooms. Hotel Utah is the fifth hotel in the region Westin has announced an intent to build or manage. Others include the Arizona Biltmore in Phoenix, 1977, and The Westin Hotel, Vail, Col., 1982. Two Completely New The Westin La Paloma, Tucson, is expected to open in late 1985 and The Westin Hotel, Tabort Center, Denver, is scheduled to open late this year. Located on the corner of Main and South Temple, Hotel Utah is considered the showpiece of Salt Lake Citys Thomas C. Hosea New General Manager lodging facilities. FCC Ruling Allows Anyone to Own Coin Telephone, Ends Monopoly By Sydney Shaw United Pi;ess International WASHINGTON A Federal Communications Commission ruling Friday will allow anyone to own his own coin telephone, ending the local phone companies monopoly of busithe almost $1 billion-a-yea- r - ness. The unanimous decision to permit federal registration of new, computerized coin phones will leave individuals free to buy them, hook them up and start collecting whatever amount they want on interstate calls. of the private owners However, coin phones will need state approval to collect money on local phone calls the main reason most of them would want a pay phone on their premises. So far, only Minnesota has approved resale of local telephone service. Twenty-on- e other state public service commissions are considering petitions from pay phone manufacturers. Only to New Generation The commission stressed that the e historic Hotel Management of Utah will be taken over by Seattle-base- d Third W Westin Hotels chain and name also will be agreement. changed under a new 20-ye- ar orld Debt Analyst Says Banks Overstate Assets By Christopher Lindsay Associated Press Writer If despositors and investors are really to know what a bank is worth, the banks should tighten up their accounting to reflect the uncollectibility of some of their loans, including billions in Latin America, says an analyst. NEW YORK Rules regarding delinquency, reschedulings, loss reserves and writeoffs all need to be tightened up so that depositors and investors can have greater confidence in banks' reported earnings, says George Salem, who covers the industry for A.G. Becker Paribas Inc. He says reported earnings by the big banks are distorted and overstated by reluctance of regulators and bankers to recognize losses of principal and interest that are apparent to us. And thus, he is keeping the stock of all the big money-cente- r banks off his recommended buy list. He says the issue of loans to less known in the developed countries is the number business as LDCs one issue in bank stock investing today. And he says banks earnings re- ports to their shareholders need to be adjusted with more realistic loss assumptions on loans to LDCs. The six largest Third World debtors are Brazil, Mexico, Venezuela, Argentina, the Philippines and Chile. They owe U.S. banks a total of $77 billion. And that is only a tenth of their overall debts, to other world banks, governments and multilateral authorities such as the International Monetary Fund and the Development Bank. Inter-America- n What are these LDC loans really worth, asks Salem, in terms of the liklihood of them ever being paid back. His conclusion: No one we have polled believes these troubled debts are worth 100 cents on the dollar today or any time soon. Yet they are carried, for the most part, on banks books at full value. In fact, he says in the worst cases they are defaulted loans and in best cases rescheduled far beyond their original maturities. Salem maintains the world debt problem is still very much with us. He says improved balance of trade results in 1984 for some debtors are not nearly the final solution, for example. "Months and years of muddling and rescheduling have not brought issues to a head, he says. The fact is that major LDC debtors still have excessive amounts of debt and troubled economies with no hope of materially easing the burden soon. Some people maintain the worst is over, but Salem disagrees. Bankers argue, Salem says, that ultimately the loans will be collected, so, they argue, why write them down? A word about bank accounting may be helpful to explain why the loans are of such an issue to bank earnings. - They ere Jeffrey N. Clayton with the firm of Greene, Callister & and Don A. Stringham with Stringham, Larsen, Mazuran & SaNe-bek- bin. The SBCA is a national organiza- Certainly deposits are real money that money can exit at any time thus the liability. In addition, most of it is not in the bank. It is out being invested, earning interest more than the depositor is getting if all is going well. in the bank, but Conversely, loans are expected to be repaid, thus they are in effect "accounts receivable" money that will be in the bank at some time in the future. Now, in the case of the LCDs some people are not so sure that money will ever come back and they think the bankers ought to bite the bullet and be a bit more candid about how much these assets are really worth. Fertilizer Plant Wins Permit ROCK SPRINGS, Wyo. (AP) -Chevron Chemical Co. has received a state air quality permit for a planned fertilizer plant near Rock Springs, spokesman Dean Forsgren confirmed Friday. With the permit in hand, Forsgren said Sulenta Construction Co., from Rock Springs, will begin moving the dirt on Monday in preparation for building. The $250 million project has been on the shelf for a year and a half, waiting for the market for phosphate fertilizer to improve. Company officials announced the earlier this spring, saying they expect demand to increase by the time production starts in late 1986. Sweetwater County, Rock Springs and Green River officials urged the state Department of Environmental Quality to issue the permit quickly because of the boost it would provide to the local economies. Chevron estimated the project will involve 400 construction workers. Business Group Elects Utahns to Legal Board Special to The Tribune Two Salt Lake WASHINGTON City attorneys have been elected to the Small Business Council of Americas legal advisory board. at first for purposes, accounting glance, loans are considered as assets for banks and deposits as liabilities. Though it may seem odd interests of small business as they relate to federal tax tion representing policy and legislation. The organization aims to improve economic incentives for small business and reduce cumbersome and expensive federal reporting requirements. During its recent annual meeting, SBCA honored four congressmen, including Rep. Dan Marriott, for their contributions to small h, Forsgren said Chevron has Florida firm, to build the plant, but the construction should also provide work for local subcontractors. The plant will use phosphate mined at Vernal, Utah, by Chevron Resources Co. The project includes expansion of the Vernal operation and construction of a pipeline to transport the phosphate in a slurry. Special to The Tribune PHOENIX Beulah Slagle, contract escrow manager for Zions - First National Bank, was elected president of Credit Women Inter- coin-operat- semi-publi- money. The new , phones can be programmed to compute charges and many have electronic voice mechanisms. The decision to foster competition in the telephone equipment was a victory for marketplace manufacturers of the new coin phones, including Viking Electronics Inc., which had asked the FCC to allow federal registration of the phones. Companies can sell equipment more easily if it bears an FCC registration. Could Be a Setback The ruling could be a setback for the local phone companies, depending on how individual states deal with issue of reselling local phone service. The large independent phone companies and Bell operating comwhich have taken over panies d local service since the breakup of American Telehave estimatphone & Telegraph ed they earn 1 percent of their annual revenue, or about $890 million overall, from the coin phones. But Jim Talens of the agencys Common Carrier Bureau said the figures court-supervise- ns I Co., Salt Lake subsidiary of the Williams Companies of Tulsa, is one of two firms that have begun a major natural gas purchase and processing program in the Liberty Prospect area of Becham County, Okla. The program also involving Valero Hydrocarbons Co., San Antonio, Texas, consists of construction of a gas pipeline system west of Elk City, Okla. It will connect 18 wells and initially move about 25 million cubic feet of gas a day. NGL Production al convention last City-base- week. Ms. Slagle has been with Zions for 19 years, serving in various caMs. Slagle pacities. She is a member of the board of Salt Lake Exchangettes, the International Careet Club, and International Consumer Credit Association Quarter Century Club. A native of Fairview, Sanpete County, Ms. Slagle has studied at Brigham Young University and the University of Utah. She holds a Society of Certified Consumer Credit Executives certificate. Credit Women International, a division of the National Retail Credit Association, is a 12,000 member, worldwide organizaton designed to help educate consumers regarding credit laws and to improve communication between credit institutions. d le Valero officials said the pipeline, including about 13 miles of 10- - and main line and 22 miles of FCC-approv- nt smaller laterals, will have a capacity to move more than 100 million cubic feet of gas a day. A gas processing plant will be installed after the pipeline goes into operation later this year. Both Valero and NGL hold 50 percent interest in the pipeline and processing facilities. Valero will be the operator. To date, Valero and NGL have entered into purchase and processing agreements for gas in the Liberty Prospect area with El Paso Exploration, Universal Resources, Dyco Petroleum, Trigg Drilling and more than 120 other working interests. U.S. GOVERNMENT BILLS 1 2.75 U.S. GOVERNMENT NOTES Interest Extempt From State of Utah Income Taxes E.F. Hutton is a primary Market Maker in U.S. Govt Bills, and Notes. Please call David Payne, VP, at Toll Free Out Utah of State, or mail coupon below. SALT LAKE 800-453-94- 08 5 $ f'imm intr- 1 1 .05 AR LEASE 80,000 SQ. FEET CEIUNGS FREE STANWNG. RAIL, DOCK HGH CAUL OWNER BROKER 972-250- could be as high as $1 billion. Each pay phone earns an average of $565 a year, he said. The states will be able to regulate such things as the price of a line to connect the private coin phones, the cost of a local call and w hether the phone company can take a cut of the profits. States can also require the phones to dial emergency numbers such as 911 free of charge. Special Circuit Boxes The states could have permitted private coin phones for local and a-state use without FCC registration of the equipment, but owners of the phones would have had to install circuit boxes. special Under the Minnesota Public Service Commission ruling, businesses with privately owned com phones can resell local phone service, but must charge 25 cents per call. Minnesota stores and restaurants that have paid between $32.90 and $67.10 a month for a phone company pay phone, from which they kept none of the revenues, can now buy their own coin phone, paying $55.70 to $80.90 for use of the special telephone line but keeping the revenue from the first 200 calls each month. On subsequent calls, the local phone company will get a 5- - to kickback. Although the commission emphasized that it wants to leave the regulation and enforcement of private coin phones up to the states, it reserved the right to step in if any state "makes rulings harmful to consumers. NGL to Build Pipeline System national, during the groups annu- le Based on June 14 Market Quotes 0 Please send me information on U.S. Government obligations. Name alii '84 OLDS TORONADO 5 IN STOCK LEASE FOR 48 months, 1st plus tax 8. Last Payment & Address Rural Nevada offers excel! tent land and mineral tedstsl good futilitytfates.la flax: stnjcturejvery.favorable.to' industry and western hospi-- j PER M0. talitytyn local .'governments and a JaborJorcc pot afraid license State City Zip Telephone When E.F. Hutton talks, people listen. blrnUttOn Accounts Insured up to S2.000.000 E.F. Hutton Company Inc, 11?. 84111 Salt Lake city, Attn: David Payne Write or Call RIVERTON 12741 Sc. Redwood Rd. CENTRAttNEVADi development) fAUTHORITYjl T Alamo. Nevada 89001 i 1 The Little Ads that pay off BIG! Call 237-200- 0 to place your Want Ad RIVERTON - i con- tracted with Badger Engineering, a Credit Group Elects Zions Manager During Convention decision will not affect the 1.58 million existing public c and phones that are connected directly to central phone company offices. It applies only to a new generation of computerized coin phones ready to go on the market that can be hooked up to regular phone lines and require no operator assistance to place calls or collect K & |