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Show tf. r, Il1ir rnfrf'H IllJtLLI l. Business Contractors Group Hears Facts on Don't look nov, But if the the $11 billion cut in federal spending mandated bv the . Gramm-Rudma- Act takes a $580 million chunk out of federal highway spending this cal fis- year, how much do you think it will take out in fiscal 1987 when federal spending is to is to be cut $55 Gramm-Kudma- n seeks to eliminate the deficit in five years. The question was posed Friday by National Associated General executive vice president Hubert Beatty. Other than indicating public construction figures at 4.3 percent of the federal budget. Mr. Beatty left the mathematics of Gramm-Rudmaup to his audience: The Utah Chapter of the Associated General Contractors. Mr. Beatty, based in Washington, D C., was keynoter at the annual Utah AGC convention luncheon Friday at Little America. A luncheon highlight was the naming of veteran contractor Mark B. Garff, founder of Mark B. Garff Construction Co., as w inner of the annual Eric W. Ryberg award. The "Service to Industry award went to Ranch S. Kimball, president of the Cannon Construction Co., who n r The Market In Brief New York Stock Exchange Jan. 17, 1986 VOLUME UP 132,130,000 SHARES recently announced he was folding Cannon after more than two decades of successful contracting to seek opportunities in a different arena. Mr. Beatty told the The Tribune that construction costs have been rolled back to 1978 levels through wage and work rule changes accepted by organized labor and increasing presence of open and merit shop contractors on the scene. Economic stress and increasing world competition, he said, have had much to do to force lower construcs ention costs. gaged in major international construction have been forced to return to the U S. mainland to seek smaller jobs they would have scorned in the lusher years. er of a U S. He warned the eh House of RepresentUo.es bill that would force an owm or even a part owner of a merit shop company, to pay rates iquivalent to those he may have reached in a collective bargaining company in which he had an ownership interest. While such a bill would face a formidable hurdle in the Senate under Utah Republican Sen. Orrin Hatch's Labor Committee, the AGC will press for its defeat in the House, he said. To the extent labor supports the bill, he said, it is on a course. For its passage would surely hasten the movement of contractors into the open and merit shop mode. Only 30 percent of the nation's construction business is done by union shop contractors now, he noted, compared to 80 percent 20 years ago. Mr. Beatty also warned of an im- migration reform measure that would require prime contractors not only to be responsibile for their own records keeping in certifying they are are not employing illegal aliens, but also for the records of subcontractors and their subcontractors. Virgil Richins of the Centerville-baseAMCOR, which supplies concrete and corrugated metal products, was named "Salesman of the Year." d James E. Treman, Salt Lake district manager of CECO Corp, Oak Brook, 111., accepted the "Subcontractor of the Year award for the firm which supplies concrete construction services. Roger Austin of Carter Enterprises Inc., Cedar City, took the "Superintendent of the Year award in the Utah AGCs Building Division. J. Lynn Walker, of Gibbons & Reed Co., Salt Lake City, was named Superintendent of the Year in the AGC s Highway Division. d City-base- iACnANGfc: 435 4 ISSUES TRADED 2,007 DOWN 739 N Y S E. S. & P. Index Comp. Dow Jones Ind 120.34-0.2- 8 208.43-0.7- 4 1,536.70-4.9- 3 S.ilunlnv Morning StTlion It Tower Builders File Chapter "Mega-companie- billion? lljl January Completion Planned Gramm-Rudma- n By Hubert H. Woody Tribune Business Editor frjj By Steven Oborbeck Tribune Staff Writer A partnership that is developoffice ing a $20 million. tower in downtown Salt Lake City has filed for reorganization under Chapter 11 provisions of the federal Bankruptcy Code The partnership which filed the petition, 221 East 200 South Partners, and the project's primary lender. California's BH Mortgage Corp.. have both indicated they are committed to moving forward w ith the project and seeing its completion The office tower is located at 257 E. 200 South and at different times has been called both the "257 Towers" and the "Energy Center Office Building " In its petition to the U S Bankruptcy Court for Utah, the partnership claims it owes seven unsecured creditors a tutu' of $801,734 and two secured creditors a total of $20.5 million. BH Mortgage Corp. provided m $18.5 million construction loan for the project. Comprised of Raymond Good-soRichard Danley and James Foulger, the partnership is still in possession of the building at 257 E. 200 South and is attempting to complete construction, according to Mr. Danley. the managing general partner. "The attorneys are now working to get the development plan going forward for the building," Mr. Danley said, declining further comment on the partnership's Chapter 11 petition. In a hastily called hearing Friday before U.S. Bankruptcy Court Judge Glen Clark, the partnership received approval interium to enter into a stop-gafinancing agreement with California's BH Mortgage Corp. That agreement allows for the payment to the building's contractor of funds to "protect the integrity of the project by maintaining such ammenities as heat and electricity. Jerry Thorn, a Provo attorney representing 221 East 200 South Partners, indicated in the hearing the partnership will be returning to ask the bankruptcy court for approval of a more comprehensive interium financing agreement within the next two weeks. Thomas A. Ellison, an attor- - 1 1 I H. GR(i Pup 7 Charge Filed In Leasing Firms Case A enrol PHOENIX. Ariz i.AIi n.il charge has heen tiled in efforts to Greyhound Leasing and Financial Corp to unravel what the company claims was an elaborate scheme to defraud it ol $tili million by faking equipment leasing agreements In addition, court papers accompanying the charge, which was filed Thursday in U S District Court here, allege that a small Phoenix bank was purchased with the fraudulently obtained money Saved Arshad Hasan. 58. a defendant in Greyhound's law suit, is accused in the criminal com plaint of wiring $10,000 to his wife in London while knowing that Greyhound had been bilked out of the men ey U S Magistrate Morton Sitver ordered Hasan held pending a detention hearing and preliminary hearing Tuesday after federal authorities argued in court Thursday that he may try to flee the country Hasan, who claims that three ar teries to his heart are clogged, also may be examined by a physician at the Maricopa County Jail. Sitver said Hasan and business associates named as defendants in an Aug. 9 Greyhound suit bought the Commercial State Bank "with funds diverted from the phony Greyhound Leasing and Financial Corporation leases." according to an affidavit by Robert Bumpers, an FBI special agent assigned to Phoenix. p office tower in downtown Salt Lake Construction on City will continue despite Chapter 11 reorganization petition. 13-sto- ney with Van Cott, Bagiev. Cornwall & McCarthy is representing BH Mortgage Corp. locally. BH Mortgage is a subsidiary of Bev- erly Hills Savings. "Everyone recognizes it is in their best interest to see the project go forward," Mr. Ellison said. "This is a situation where a certain amount of time is needed to complete agreements between the parties. Everyone is now sitting down together to see that is done." In the Friday hearing. Mr. Danley told Judge Clark the stop-gafinancing agreement was necessary because the partnership no longer has any p Sheldon Player, a former Salt Lake City businessman now living in Phoenix, is quoted in the atfidavit as saying he lent $3.4 million of the Greyhound money to businessman Steve Macintosh to buy the bank. Player also accused Hasan in the affidavit of accepting $800,000 of the fraudulently obtained Greyhound money but failing to deliver on a promise to arrange a deal with Middle Eastern investors that would have enabled Player to pay back the money. The Arizona Banking Commission later removed Hasan and others from operation of the bank because they had failed to obtain state or federal approval to take over the bank, the affidavit says. Assistant U.S. Attorney Mark Aspey said Thursday that the banking commission has given the bank "a clean bill of health." "The activities did not in any the activities of the bank," Aspey said. t way-affec- IBM Letdown Puts a Lid On Rebounding Market NEW YORK (AP) Stock prices closed mixed Friday after an erratic session marked by disappointment over the latest earnings report from International Business Machines. The Dow Jones average of 30 indus-- i rials dropped 4.93 to 1,536.70. redur ing its gain for the week to 23.17 points. Volume on the New York Stock Ex- change came to 132.13 million shares, against 130.46 million Thursday. Early in the session IBM reported r earnings of $4.36 a share, against $3.55 in the last three months of 1984. Though that represented a significant improvement, it fell a bit short of some Wall Streeters' expectations. Furthermore, it left the company w ith a slight decline in profits for the full year. John Akers, the company's president and chief executive, said. "There is an absence of convincing evidence the North American economy is fourth-quarte- showing sustained improvement, and we are approaching 1986 with caution." IBM shares, which are frequently described as a market bellwether," dropped 5 Ms to ISO7 as the most active NYSE issue. Most other major computer issues also lost ground. But Digital Equipment. which posted quarterly profits earlier in the week, continued its recent advance with a Us gain to 1477g. Energy stocks fell for the second straight day, weighed down by slumping world oil prices. Exxon lost 4 to 524; Mobil 4 to 30l4; Schlum-berge- r 3 to 344; and Chevron 4 to 363. - manufacturing history. In a brief ceremony in this city that was named in the late 1950s for the company that dominates it, ... the white four-doo- r hardtop royal salon Crown was driven down a - red carpet of the Motomachi plant to the applause of about 200 execu- . lives of Toyota and its subsidiary firms. ' Motomachi, built in 1959. is one 7 of five Toyota plants in the city of - 300.000 150 miles west of Tokyo. The company's other five plants . WORK STATION With drop down table, four drawers and cabinet door bulletin board attached on front of drop lid table Federal Express, which reported an increase in the volume of packages and documents it handles, rose 24 to 594. The stock helped the Dow Jones average of 20 transportation stocks climb 4.15 points to 716.64. Toyotas 50 Millionth Car Rolls Off Production Line TOYOTA. Japan (AH) Toyota Motor Co.'s 50 millionth car rolled off the production line Friday and into the records of Japanese car WHITE MELAMINE are not far away fecture of Aichi. in the same 30Wx71Hx1c,D (54 folded down) Reg. $248 1 Wstoraqe drawer and nirjhtstand, W1084. Rea. $498 -O O.S 98 pre- WHITE MELAMINE We are exceedingly proud to report that not only is this a precedent-setting feat in Japan, but there are few others who have DESK WITH BOOKCASE matched this accomplishment anywhere in the world only General Motors, Ford and Chrysler have reached this milestone so far, Shoichiro Toyoda, president of Japans largest automaker, said. and Two Doors 53 1x63 HxtH D Hej In fact, Volkswagen also has outsold Toyota, listing 55.1 million car assemblies from 1945 through October 1985. MON. & THURS. 10 AM to 8 PM TUES., WED., FRI. & S19B SAT. 10 AM to 6 PM Ad Federation to Present Awards Tonight 'The Utah Advertising Federation will present Its 1985 Gold Awards Saturday at the Salt Palace Holiday Inn beginning at 6 p m. iThc awards recognizes In such areas as local achieve-rifen- t advertis- ing for newspaper, radio, television, billboards, direct mail and complete media campaigns. i The awards include a gold award for first place, a silver awaru for second place and a bronze award for third place Coordinating the presentation are Rhondalon Crawford of Professional Communications Ltd., and Barbara Gann of First Security Bank. .90 DAYS SAME AS C ASH AAY AWAY (AMERICAN EXPRESS (VISA OR MASTERCARD I |
