Show t to Business Sbe Salt fake tribune Sunday December 13 1987 Section F Page 1 Reopening Mines Could Breathe New Life into Retired ’ Eureka 6 EUREKA — In the gathering win- ter dusk the buildings and homes of this small community look even more forlorn A lot of gold and silver lead and zinc came out of the Tintic Mining District But not much is left but the wounds — the head frames and mine dumps — to commemorate the wealth the earth yielded There are values here however that can neither be assayed or purchased or sold And that is the people whose affection for community and for each other makes an outsider envious Bingham Magna and Park City old timers would understand They include such as Police Chief Joe Bernini a skinny kid from New York’s lower east side when he came to the area in the 1930’s with the Civilian Conservation Corps and who married a local girl and never went back home It also includes Leona Franks the manager of the First Security Bank branch in Eureka and who has spent 40 of of her 63 years in Eureka The tidy First Security office — — Tribune Photos by Robert H Woody with old fashioned equipment still in place to lend ambience — comes as close to any to some semblance of affluence on a main street that is mostly boarded up The others include the Pick and Shovel Restaurant — soon to take on the name of “El Rancho Chile House” The Tintic Mining District — which straddles the Utah and Juab County Lines 70 miles southwest of Salt Lake City — was organized in 1870 The district not only embraced Eureka but several small surrounding mining communities like Mammoth Silver City and Diamond City Kennecott Copper — now BP Minerals America — brought life back to the district in the late 1950s with development of the Burgin Mine and Mill But Burgin's hot water and unstable underground conditions finally forced Kennecott to suspend operations in 1978 Sunshine Mining Company came in 1980 with visions of doing that which Kennecott could not do It continued operation of the Trixie Mine to provide flux for Kenncoti’s Utah Copper Division smelter It rehabilitated the Burgin Mill in expectation of sinking a new shaft to get at a promising silver prospect But when Kennecott — unsuccessful in negotiating contract concessions with its unions in 1985 — shut See Page F-- 5 Column 1 under new management — and the Utah state package store The town which once had 4000 residents in 1920 at the height of its mining years now has about 700 They include Dugway Proving Grounds and Tooele Army Depot worker families and retirees — mostly miners — says Mrs Franks “Almost a retired town” adds city recorder Alliene Farren born 75 years ago in Eureka daughter of a miner Jennifer Carpenter from the hills over Eureka where Australian company is now d new for by Chief Consolidated Mining Co prospects on property drilling Old mine dumps fan out Tends Parents’ Store long-owne- 30 IVv t--i It’s lunch time for surfacing miners at the Trixie gold mine where operations resumed just three weeks ago & 'W" wr’” f: nwcwe is Jr j Mh &X I O Ikoili n to St from Trixie mine which provides the fluxing agent for the BP Minerals Kennecott smelter Sunshine Mining Co’s Tim Hannifin examines ore sample of Tintic District mining cheers bank manager Leona Franks Re-sta- rt nUfavE S M'W Californians Growing Sick To the Max of Mini-Mal- ls Foreign Ownership in US Is Highly Concentrated By John Cunniff AP Business Analyst NEW YORK — Highly publicized purchases of major American assets by foreigners may create the impression of a country sold off bit by bit It is — but those bits are almost infinitesimal relative to the size of the United States Purchases that seem huge in dollars are reduced to fractions when measured against the enormous size of the nation’s assets A study released at last month’s convention of the National Association of Realtors shows foreign investors have controlling interest in less than 1 percent of the nation’s tangible assets Still the foreign presence is impressive when concentrated and highly publicized especially in real estate The study which includes data from a survey by the Massachusetts Institute of Technology’s center for real estate development found foreigners owned 516 percent of the of fice space in the Los Angeles central business district Other concentrations were in large coastal cities including Washington DC — where 25 percent of business district office space is foreign-owne- d — Boston New York Miami Seattle San Francisco and Honolulu The Japanese have been the most aggressive foreign buyers of US real estate and Treasury securities according to the study which forecasts a continuation of that pattern because of Japan's trade surplus with the United States and the yen’s continued although declining strength versus the dollar The Japanese however have plenty of competition from European Canadian and Middle Eastern investors In an examination of patterns in three cities — Washington Los Angeles and Chicago — the MIT researchers found the Japanese predominant in Los Angeles Europeans in Washington and Canadians in Chicago Nevertheless according to the Police Chief Joe Bernini and watermaster George Gillespie left size up needs of old mining community By Lisa Wolfson Associated Press W'riter LOS ANGELES — Southern California’s mini-maboom may be maxing out because of land shortages rising property values and complaints from residents who think the centers are becoming a blight on the urban landscape “Some people believe there may even be an official crash” said Mike Nelson a graduate business student at the University of California at Los Angeles who is taking part in a study of the controversial developments Loosely defined as small corner buildings of five to eight retail stores fronted by a parking lot minimalls are considered by many to be perpetrators of traffic crime and environmental ugliness Although such developments have sprung up throughout the nation there is an unusual concentration of mini-mall- s in Southern California spurred by rapid growth and the area’s dependence on the automobile ll Realtors new investment by foreigners in US real estate may total “only” 510 billion in 1988 a decline from the explosive pace that began in 1982 and reached a peak of $21 2 billion in 1986 In some respects the foreign in vestment serves not only to finance but to stabilize real estate markets since foreigners tend to hold their properties longer than American investors do before selling “These investors are not interested See F-- 6 Column 1 And with concentration comes controversy “I wouldn't call them the decline of Western civilization” said City Councilman Michael Woo “but they are poorly designed and are part of the bland environment that characterizes too much of Los Angeles” in There are some 2000 mini-mall- s the Los Angeles area most built with' in the last decade “It’s definitely a perceived problem and complaints are universal throughout the city” said city planner Chuck Rozzelle As an illustration of the density a stretch of Ventura Boulevard in the eastern San Fernando Valley has II such centers with two more under construction The mini-maphenomenon came about during the oil crunch of the s Facing bankruptcy many n owners sold their corner oil compato the major properties nies who in turn sold the parcels ‘ See F-- 6 Column 1 lf ll mid-1970- gas-statio- I J |