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Show 14B Wednesday, January 22, The Salt Lake Tribune, Rruct llaiiimoiMl 1986 Colorado Projccl Gels $327 Million From a Dying Synthetic Fuels Corp. By Matt Yancey Associated Press Writer The dying SynWASHINGTON thetic Fuels Corp. fulfilled on Tuesday a promise by White House Chief of Staff Donald Regan and approved $327 million in new government subsidies for a Lnion Oil Co. shale-oi- l project in Colorado. At what Synfuels Chairman Edward E. Noble labeled their last meeting, the five directors of the lending bank authorised the federal loan guarantees for Union's Parachute Creek shale oil project. While the loan guarantees are limited to $327 million, they effectively enable Union to collect up to $900 million in federal price supports ap - proved previously for the project, bu unspent so far. Congressional opponents of the synfuels program expressed anger at the agency's action, but acknowledged there was little they could do immediately to stop it. Sen Howard Metzenbaum, D-'0, asked the congressional General accounting Office to look at the legality of the loan guarantees. The senator made his request in the wake of a decision by Congress last month to abolish the agency, effective in April, and to prevent it from making any new awards in the meantime. Metzenbaum accused the Reagan administration of elevating hypocrisy to new heights in view of the $11.7 billion Gramm-Rudmabudget cuts to take effect in March. Union Hails Probe of U.S. Steel - PROVO, Utah (AP) worker union officials Steel- are ap- plauding Mondays announcement that a congressional subcommittee will look into U.S. Steels plans to scale down operations at Utahs Geneva Works and buy steel from a Korean firm. "Were more than pleased," said George Gardner, president of United Steel Workers of America Local 2701. "I'm overwhelmed at li certainly welcome the news. the chance to make our stand part of the record. On Monday, Rep. Howard Nielsaid the House Emson, ployment and Housing Subcommittee would hold the hearing in Provo on April 18. Gardner said the union will compile information in the coming weeks on U.S. Steel's agree ment to buy steel from Pohang Iron and Steel Co. U.S. Steel officials say the Korean plant will reof the steel now place produced at the Geneva plant at Orem. "The studies are not in final form, but theres enough there to make a lot of people, not just steelworkers but good American citizens, really burn, Gardner said. Nielson, the subcommittees ranking Republican, said the hearing will investigate the agreement and examine the impact of imported steel on U.S. steel jobs. Union members, U.S. Steel officials, state and local government leaders and local residents will be invited to testify before the subcommittee. two-thir- Specter of Lower Oil Prices Sends Dow for a Nose Dive By MaryBeth Nibley AP Business Writer NEW YORK Fears that plunging oil prices could cause trouble for banks and oil businesses sent jitters through the stock market Tuesday and stock prices closed sharply lower. After drifting at moderately lower The Market In Brief New York Stock Exchange Jan. 21, 1986 UP 610 VOLUME a 128,310,000 SHARES UNCHANGED 401 ISSUES 0 TRADED 2035 DOWN 1,024 N Y S E. S. & P. Index Comp. Dow Jones Ind. I I18.9S-0.9- 205.79- - 1.74 1,514.45-14.6- 8 levels most of the morning, the Dow Jones average of 30 industrials, which includes 3 oil slocks, nosedived after midday, losing about 20 points. But the blue chips recovered some ground and closed with a loss of 14.68 at - last-ditc- h The earlier price supports $400 million in 1981 in addition to the $500 million last October guarantee the oil company a Los Angeles-baseprice of $67.87 per barrel for any oil that Parachute Creek plant produces from Colorados vast shale deposits. However, Union has been unable to collect a penny of that money because its plant, completed in 1983 at a cost of about $900 million, has never worked for more than 36 consecutive hours . Our judgment is that without the availability of the SFC loan guarantees, the likelihood of Union proceedr, . is very small, James ing the Synfuels Corp.s vice president for finance, said Tuesday. d .. Computer Firm Wins Air Force Contract Evans Oil stocks took a beating. Amoco fell lv2 to 59, Atlantic Richfield fell 1 to 57, Chevron dropped 3k to Exxon fell 1 to 50 V4 , Texaco 34, was down 1 to 28, Occidental Peto 27, and Phillips troleum fell to 11 V2. The 3 Petroleum dropped major oil companies included in the Dow industrials are Chevron, Exxon and Texaco. said of the amended plan, which showed higher earnings than had been expected. Continental filed for reorganization Sept. 24, 1983. Confirmation hearings on the amended reorganization plan are scheduled for March 20. "The strong 1985 results were aided by major strikes against two of Continentals largest competitors and by generally strong industry conditions, the airline said in a news release. You cannot ignore the contribution our employees have made. They have sacrificed an awful lot to put this company back into a major profitable organization," Cinelli said. The amended reorganization plan also contains provisions for settling outstanding employee claims through accelerated cash payment schedules, additional cash payments, travel passes or a combination of cash and travel. & Sutherland Computer Corp. has announced it has entered into an agreement to provide computerized visual systems to the U.S. Air Force for its Undergraduate Pilot Training program. As part of the Air Forces flight training equipment, the computerized visual system will simulate images a pilot would see when actually operating an aircraft. The Salt Lake company will provide the systems as the primary subcontractor for Arlington, Texas-baseRediffusion Simulations Inc. Rediffusion has agreed to upgrade outmoded flight simulation equipment now in use at six air force bases across the country. City-base- d Continued From more space in ExpoMart for at least a couple of years after it moves in. He said that will give the postal service some time to secure more space from tenants. Mr. Sanders said the post office is not planning to begin renovation of the ground floor of ExpoMart until about the middle of April. Thus, exhibitions will continue in the same place until then. summerOn Friday, the four-daclothing market sponsored by the Salt Lake Fashion Exhibitors will begin at ExpoMart. Wholesale buyers from all the western United States are expected to attend. The other major association which B-- ll y Hotel Group Lawyer To Give Seminar By The general counsel for the American Hotel Motel Association will present a seminar entitled New Aspects of Hotel Liability at the Westin Hotel Utah on Friday. Jack Jefferies, partner with Lord, Day & Lord law firm of New York City, has authored 40 articles on hotel laws for Lodging Magazine and is the author of a text book entitled Hotel Law. The seminar, sponsored by the Utah Hotel Motel Association, will cover liability under Cable Communications Policy Act of 1984, movies on video cassettes; copyright music and copyright laws; franchise liability; dram shop liability and recent developments on guest safety. Cost is $30 for Utah Hotel Motel Association members and $40 for Registration information is available by calling the Utah Hotel Motel Association. State Stops Firm From Selling Penny Stocks Sharp Downturn WASHINGTON on short-ter- (AP) rates - Interest Treasury securities fell sharply in Tuesday's auction bills dropwith rates on three-montping to their lowest level since September. The Treasury Department sold $7.2 billion in three-montbills at an average discount rate of 6.98 percent, down from 7.23 percent last week. Another $7.2 billion was sold in bills at an average discount rate of 7.14 percent, down from 7.28 percent last week. The rates were the lowest since three-montbills sold for an average of 6.81 percent on Sept. 23 and bills averaged 7.11 percent on Jan. 6 of this year. The new discount rates understate 7.20 the actual return to investors bills and 7.51 percent for three-montbills. percent for h h h Coy d Rates Take T-B- ill Peter AP Business Writer NEW YORK International Business Machines Corp. on Tuesday announced a new line of computer work stations for scientists, engineers and other technical professionals, a market that the computer giant has, so far, not been able to dominate. The RT computers are part of IBMs Personal Computer family but are far faster and more powerful than the other members and are arthe first to use an chitecture called RISC. Although IBM said it was targeting the RT at technical professionals, the computers power and versatility could make it appeal to a far wider range of customers, said Bill Ablondi, vice president of Future Computer Inc., a research firm in Dallas. Continued From was based on actual transactions in the marketplace. The stock began trading June 10, 1985. B-- ll Mr. Griffen said the investigation is and would not comment on whether criminal charges will be filed. g The order also alleges that Mr. Clingo was not registered with the state to sell stock. Mr. Clingo said he could not comment because he had not seen the order. Attempts to reach Mr. Brailsford were unsuccessful; Mr. Clingo said Mr. Brailsford was out of town. "This is the kind of thing we have been seeing in the market for some time and have been unable to do anything about because of a lack of staff, " Mr. Griffen said. MONEY MARKET Lborrow. systems the total value for the Evans & Sutherlands portion of the award will be in excess of $12 million. Last week, Evans & Sutherland announced it received an order of more than $6.5 million to provide Boeing Computer Services with a "computer be image generation system the will used in the development of two new helicopter designs. at ExpoMart is Beehive Apparel and Show Association, which specializes in the showing of shoes and men's apparel. Both the Salt Lake Fashion Exhibitors and the Beehive Apparel and Show Association represent clothing manufacturer representatives. Bicknell Robbins, ExpoMart general manager, said both associations sign a master agreement for the appropriate exhibition space and the dates they need it. He said the associations then assign the temporary exhibition space to members. holds shows Exhibitors wanting permanent space make those arrangements directly with ExpoMart management. Mr. Robbins said with the post office moving to ExpoMart, the entrances and exits to the parking lot will be reconstructed to handle the additional automobile traffic. He said the postal service will also construct its own entrance. Mr. Robbins said, In addition, were renovating the entrance on the east side of building, the principal entrance-way for the apparel organizations. It will have parking and easy access to that entrance. "We really feel that while the addition of the post office will increase traffic and utilization of the building and will cause some inconveniences and problems, in the whole it will be very favorable to the building. IBM's RT work stations range in price from $11,700 to $19,510, prices which analysts said make them competitive with others on the market. They include one desktop model that physically, resembles g the PC AT and three models. IBM said the RT PCs are the first personal computers capable of performing computer-aidedesign, manufacturing, and engineering, such as automobile and circuit design, without being attached to a large computer. In contrast to its dominance in mainframes and personal computers, IBM has struggled behind Digital Equipment Corp. and other companies in sales of computer work stations to scientists and engineers. A feature of the RT PC is RISC, which stands for Reduced Instruc floor-standin- d tion Set Computer, is an IBM invention that is intended to speed up number crunching" jobs by cutting down the number of steps needed to perform calculations. By using a new architecture, IBM is showing that it feels it needs to do something special to crack the engineering and scientific market, said John McCarthy, research manager of Forrester Research Inc. in Cambridge, Mass. Ablondi noted that the RT can run software that does accounting, database management, document publishing and other work. It can also attach up to seven othpr PCs operating on it in a terminal mode. He said those factors could make it popular with customers other than scientists and engineers. IBM also announced improvements to its System 36 computers. FREE Special Report Explains How To Invest In -Penny Stocks NO OBLIGATION COMPLETE AND MAIL THE COUPON BELOW TODAY. CLIP AND MAIL TODAY TO. TUART-3AM- C 4 .National (800) 180 Interstate North MEMBER NASD S1PC an.Ga 30339 $5000.00 Attn Ron wencti Ext 6i Suggested Minimum Account YES! Please send me a FREE copy of "How to Invest in Penny Stocks WITHOUT LOSING YOUR PENNIES". understand am under no obligation whatsoever. I NAME- I - -- STATE PHONE NO Work - -- Home - The largest, most trusted computer and word processing supply company in the area. AVERY Bountiful 107 North Main 298-365- 3 4 t Sandy 9383 South 700 East 562-020- 9 LABELS Stock up now on highest quality pin fed address labels. All popular sizes are in stock for immediate delivery. WESTERN HERITAGE cgffiSE THRIFT & m If the Air Force elects to take all 25 tion. ADDRESS When you purchase a Money Market Certificate of $5,000 or more, Western Heritage offers 10.75 interest. Effective annual yield 1 1 .04. a im- d IBM Unveils Computer Work Stations Current Weekly Rate iYT'Tl)(7CTi computer-generate- age visual systems over the next two years if all options are exercised by the Air Force. d ExpoMart Tenants Will Switch Floors 10.75 Imtwk companys Evans & Sutherland said it already has received initial orders for nine of $6 systems with a value in excess million. The company designs, builds and sells special-purpos- e digital computers used to create visual images. The systems are used is such areas as engineering and decomputer-aideand flight simulaarts graphic sign, Groe-linge- HilSiai!iT?fiKS oiwranniEnr The Evans & Sutherland systems, which relies on a computer to generate the simulated images, will replace the outmoded cameramodel board visual systems in which pictures are generated when a camera is maneuvered over a model of various terrains. Evans & Sutherland said the award could result in orders for 25 of the d 1,514.45. Losers outnumbered gainers by about 5 to 3 on the New York Stock Exchange. Volume on the Big Board came to 128.31 million shares, up from 85.34 million Monday, when trading was light due to the Martin Luther King Jr. Holiday. An abundance of crude at a time of flagging demand has pushed oil prices in the spot and futures markets down recently. Lower energy costs could seriously impair profitability of oil companies, analysts said. Continental Sees Record Profit By Paula Dittrick United Press International HOUSTON (UPI) Continental Airlines officials Tuesday estimated a record $62.2 million profit for 1985, a dramatic turnaround for the carrier, which filed for bankruptcy protection in 1983. The profit projection came in a financial disclosure statement filed Tuesday in federal bankruptcy court along with a lengthy amended reorganization plan. The disclosure statement listed income of $93.9 million before special charges of $17.5 million in severance pay to former striking pilots and $14.2 million for reorganization expenses. Continental officials in September filed a reorganization plan that would fully repay more than $900 million in debts during the next 10 years. Cinelli said that is still the plan. "Its really taking us very near to coming out of reorganization," Cinelli called Rep. John Dingell, the award a "bizarre brand of corporate socialism coming from an administration which claims to want to reduce federal spending. "There will be a billion dollars cut from health programs March 1, and yet this administration has committed almost that amount to Union Oil for its uneconomic shale oil plant, Dingell said. While Congress voted to shut down the corporation and prevent it from handing out more money, the legislanot withtion included a provision standing previous commitments that both supporters and critics acknowledge may be a legal basis for agency's action. Synfuels Vice Chairman Tom Corcoran said the loan guarantee was part of a $500 million package of price supports the agency approved for the project in October. However, specific approval of the loan portion was postponed in October, partly because of objections voiced by the administration through Treasury Secretary James A. Baker III and partly because Union had not completed its own financial arrangements for the debt financing. This is not new money or a new Corcoran said Tuesday. contract, "We made a commitment to it in October, Its much like when you sign a contract to buy a house contingent on the financing coming through. Its still a contract. LOAf St. George Mention this ad and save 10 olf regular price on your next order from Force 4. Avery Label FORCE 4 Cotn COMPUTIR WWW PROCIMMO BUPM.CS 1161 S. Redwood Road Salt Lake City, Utah 84104 494 East Tabernacle 628-365- 8 r- - t |
