OCR Text |
Show I .Business alt fake Sftibunr e February Wednesday Morning Section B Page Talks Focus on Language of Agreement contract that proposal for a four-yea- r would cut present wage and benefit levels by about $8 an hour, or about d over the life of the contract. It said it needed the cuts to give the company the cushion and time it needs to complete modernization of the Utah Copper Division and to regain profitability after losses of nearly $600 million since 1981. The unions are not expected to make an economic proposal for some weeks. In the meantime, however, the unions have circulated a statement entitled 1986 Bargaining Proposals for Kennecott. one-thir- Among highlights: Employment stability and job and income security. Cost of living protection. Increased wages with increased productivity, increased metal prices and increased corporate profits. Protection against combining of jobs, reassignment of job functions and skills, assignment of work to any outside contractor that can be done within the scope of present bargaining unions. A moratorium on plant closures without adequate advance notice of shutdowns. Development of reasonable alternatives when job displacement is unavoidable. Restriction of overtime when a laid-of- f person could perform the work. Establishment of joint committees to study industry problems. Maintenance of income-securitprograms, such as pensions, insurance and income supplements to laid off workers. Protection of workers against loss of income due to occupational hazards or temporary curtailment in production due to environmental y Up and Down the Street Improvement in grievance and arbitration machinery. It was just a little over three years ago that the company and the unions with many of the same people premet in the Arizona sunshine sent and in good will to set the stage for a "strike-free- " 1983 period. So successful was the preliminary meeting that Kennecott and its unions were able to reach an unprecedented early agreement in 1983 without strike that provided for a wage freeze but retained allowances. g In June 1984, Kennecott warned, however, it already having laid of 2,000 of its Utah Copper Division workers that unless it could get cost cuts from the unions it would cut production at the Utah Copper Division s and layoff another 2,000 by workers. The unions rejected Kennecotts request saying the company has not defined its problems, had not specified the cuts it wanted or offered any guarantees on job security. In June 1984, Kennecott began the first of the announced 2,000 layoffs and began cutting back production to s level. the two-third- Concession May Have Saved Cash at Kennecott PHOENIX Had Kennecott and its unions reached agreement a year ago on a modified concession plan, Kennecott might have been able to have cut its operating losses edying dollar strength which has hurt American exports, and maintaining and creating a tax climate in the U.S. favorable to Mr. Ball was a member of the Inte- Tripartite Committee r-Steel whose recommendations during the Carter administration resulted in Robert H. speeded up depreciation schedules and tax credits for modernization. The committee, by the secretaries of labor and commerce, was made up of representatives of Business Editor labor, trade officials, presidents council of economic advisors and the chief executive officers of eight steel companies. The present adminstration, Mr. Ball said, seems entirely insensitive to the need of maintaining an industrial base in the U.S. Mr. Ball told The Tribune had Kennecott accepted a compromise concession plan along the lines of that agreed to by ASARCO Inc. and its unions at the industrywide meetings at Albuquerque a year ago, it would have saved about $6,000 per employee or about $20 million for the life of agreement. That would have been a little less than half of the operat by half in 1985, Edgar Ball, chairCoordinatman of the ed Bargaining Committee, told The Salt Lake Tribune Tuesday. But it will take far more than concessions to save the American copper industry, Mr. Ball said. The committee represents the combined interest of copper union members in the United States and Canada. Mr. Ball also is international secretary of the United Steelworkers of America. He said it will take a major change in federal policies in international lending to Third World countries that produce copper, rem Non-Ferro- non-ferro- loss Kennecott reported for he said. The $165 million net loss Kennecott reported for 1985, includes the costs of shutdown, he said. Mr. Ball said Monday, after Kennecott had proposed a new four-yea- r contract that would have reduced present wages and benefit levels by that had the company made a proposal along the lines of the ASARCO proposal it might likely have been accepted. That ASARCO-unio- n agreement provided for a $2.50 hourly cut with restoraequal to $20 a day tion of the cuts at 75 cents an hour in each of the three succeeding periods. ASARCO, primarily a precious-metal- s mining company, and its unions had agreed to suspension of COLA but not elimination cost of living adjustment. At the same time, another company, Inspiration Copper Co. and its unions, had agreed to the same model with the additional provisional of job guarantees for at least another year. But when those agreements, however, were turned down by the committee, the Albuquer que meeting broke up. And even had they been accepted committee at by the that time, there is no assurance Kennecott would have accepted a like agreement. While Kennecott had accepted the ASARCO provision for wage restorations, it continued to insist on deep cuts in benefits. ing 1985, non-ferro- one-thir- d, Reason: It contended its benefit levels had been higher than for the rest of the industry; it needed deeper cuts therefore, to remain competitive with the rest of the industry. In Phoenix a year later, Mr. Ball told The Tribune Tuesday that he had recommended to the committee that all agreements be rejected principally because Newmont Mining Co. had refused to let its subsidiary Magma Copper and Pinto Valley Copper Co. be bound by the same contract dates as had been accepted by other companies. Loss of common contract period termination dates, he said, would have been against the interest of the unions as a whole and their efforts to maintain coordinated an industrywide bargaining. six-mon- th non-ferro- non-ferro- Dollars Rise Against Major Currencies Sends Gold Plummeting - The U.S. dolNEW YORK (AP) rose sharply against all major currencies on what dealers called a largely technical reaction to its recent declines. Trading quieted as it moved from Europe to the United lar States. Gold prices plunged, reacting to the dollar's rise and to technical factors. Bullion was quoted at $335.25 an ounce at Republic National Bank in New York, down $8.75 from Mondays late bid. The British pound and the Canadian dollar were pressured by the sharp oil price declines of the day. REPORT OF CONDITION Report of Condition of "VALLEY THRIFT & LOAN" of Soft Loke City In the State of Utah at the close of business on December 31, 1985. ASSETS Cash and due from Depository Institutions . ..$ 529,000.00 Securities .......... 2,751,000.00 a. Loans and contracts (net) . ..$18,705,000.00 b. Leases (net including residual values) ... S 2, 39,000.00 c. Less allowances for loss (198,000.00) d. Total net receivables 1 1 20,646,000.00 Institution's premises, furniture & fixtures ond other assets Institution's .. representing the premises 142,000.00 Real estate owned other than Institution's premises 560000.00 Deferred charges and prepaid expenses 6800040 Other assets 428l000.00 .. TOTAL ASSETS . -- $25,124,000.00 LIABILITIES Thrift certificates, passbook, NOW accounts, other Accured Interest on thrift and other borrowings ..... Mortgages payable Interest, taxes and other expenses occrued ond unpaid Other liabilities TOTAL - 335,QOoloQ LIABILITIES $22,770,000.00 Common stock Surplus Undivided Profits Reserve for contingencies Total stockholders equity TOTAL - $22,060,000.00 195000.00 99000.00 81,000.00 LIABILITIES STOCKHOLDERS EQUITY .......... - ................. 355,000.00 387,000.00 29,000.00 2,354,000.00 $25,124,000.00 .................................... - - AND EQUITY 1,583,000.00 CAPITAL Industrial Loan Corporation, do solemnly George R. Beaton, of the above-name- d SWEARAFFIRM that this report of condition is true and correct, to the best of my knowledge and belief. GEORGE R. BEATON, Vice President Correct GEORGE C. FURGIS Attest; FRED H. STRINGHAM E. H. THRONDSEN Directors State of Utah, County of Sait Loke ss: Sworn to and subscribed before me this 29th day of January, 1986. CINDY SMITH, Notary Public' STATE OF UTAH DEPARTMENT OF FINANCIAL INSTITUTIONS: I, Avon T. Francis, Specialist of Financial Institutions, do hereby certify that the foregoing Program Is o true and correct copy of the statement of the obove named industrial Loan Corporation filed In this office on January 29, 1986. AVON T. FRANCIS, Program Specialist I, Oil prices tumbled toward $15 a barrel in wild trading, the lowest level since the late 1970s, after an OPEC meeting in Vienna, Austria, broke up without devising a strategy to defend the cartels share of the oversupplied market. The dollars rise was a correction, or temporary reversal, against its recent declines, dealers said. The Canadian dollar, which fell on Monday below 70 U.S cents for the first time in its history, fell further. In the United States, it fetched 69.29 cents vs. 69.66 cents. In Europe it fell to 69.36 cents from 69.735 cents. REPORT OF CONDITION REPORT OF CONDITION of "HOLLADA Y BANK AND TRUST" of Salt Lake City, In the State of Utoh at the close of business on December 31, 1985. ASSETS Cash and due from depository institutions a. Nonlnterest-beorin- g bokmces ond currency ond coin b. Interest-bearinbalances Securities ............... Federol funds sold and securities purchased under agreements to resell a. Loans and leases (net of unearned Income) ......... b. Less: allowance for loon ond lease losses c. Loons (net) . Premises ond fixed assets (including capitalized leases) Other real estate owned .... Other assets Total assets - $ - 874,000.00 2,000,000.00 1,458,000.00 425,000.00 $7,403,000.00 34,000.00 7,369,000.00 602,000.00 529,000.00 251,000.00 $13,508,000.00 - LIABILITIES Deposits of individuals, partnerships, and corporations o. Noninterest-bearin- g b. Interest-beorlnNotes ond debentures subordinated to deposits Other LIABILITIES TOTAL LIABILITIES 11,995,000.00 $ 1,842,000.00 10,153,000.00 120,000.00 105,000.00 j 12,220.000 EQUITY CAPITAL . Common stock .... Surplus Undivided profits and copltal reserves TOTAL EQUITY CAPITAL TOTAL LIABILITIES AND EQUITY CAPITAL - . - - - - - - - - 100 702,000.00 161,000.00 425,000.00 1,288,000.00 $13,508,000.00 of the obove-namebank, do solemnly I, Stephen Honsen, Vice Pres. Comptroller SWEARAFFIRM that this report of condition is true and correct, to the best of my knowledge ond belief. STEPHEN HANSEN, Vice Pres. Comptroller Correct-Att- est; CAROL N. DAY NOEL E. GOLD RONALD N. SPRATLING Directors STATE OF UTAH Deportment of Financial Institutions I, Avon T. Fronds, Program Specialist of Financial Institutions, do hereby certify that the foregoing Is o true ond correct copy of the statement of condition of Hollodoy Bank & Trust, filed in this office on January 24, 1986. AVON T. FRANCIS, Program Specialist 11 Loews Stalls On Raising Stake in CBS Kennecott, Unions Resume Quest for Contract By Robert H. Woody Tribune Business Editor PHOENIX Kennecott and its unions resumed talks Tuesday for a contract to replace the three-yea- r one that expires June 30. But the talks, expected to continue for three days, will deal principally with changes in contract language to achieve more uniformity over the various properties and with local issues. The parties are not expected to discuss economic issues, which were the highlight of the opening session Monday. Kennecott led off Monday with a 5, 1986 two-third- Prior to the Albuquerque meeting, Kennecott said a shutdown of the Utah Copper Division could happen if it did not get the concessions it wanted. Shortly after the failed Albuquerque talks, Kennecott announced it would shut down the Utah Copper Division. Since 1981, Kennecott has been owned by Standard Oil Company of Ohio. It has since completed a modernization program at its Chino Mines Co. at Hurley, N.M. Kennecott property employees are represented by 47 locals of 13 international unions. The largest group are represented by the U.S. Steelworkers of America. There are 41 separate agreements, about 1,500 active employees and another 5,000 on layoff status are represented by the unions. n NEW YORK (AP) Three and a half months ago, Loews Corp. Chairman Laurence A. Tisch announced he intended to more than double his companys stake in CBS Inc. to 25 percent, at CBS's invitation. At the same time, CBS said it was putting Tisch on its board of directors in November. The joint announcement Oct. 16 quieted speculation in CBS stock that had been fueled by persistent rumors that CBS remained a takeover target after the battering it took in fending off a hostile bid by Atlanta broadcaster Ted Turner. It turns out, however, that Tisch has bought hardly any additional stock. It is not clear when he will his or if original statement did not say he will. His spokesman would not elaborate this week on Tischs intentions. This means that CBS is not as from a hostile bidder as it probably would like to seem, financial analysts said. But it does not necessarily mean a raider is about the jump into the game. Tisch probably is waiting for CBS's stock price to fall from its current level of about $115 a share, the analysts said. Loews, which has holdings in tobacco, hotels, real estate and financial services, currently owns 12.2 per- cent of CBSs 23.46 million shares outstanding, said the Loews spokesman, who spoke on the condition he not be identified. That is just slightly more than the 11.7 percent stake Loews held in October. There was not a time certain when that the stock purchases would be done, said Ann Luzzatto, CBSs spokeswoman. "Market conditions were what was important. She said Tischs seat on the board was not conditional on his acquiring a 25 percent stake. Still, the October announcement prompted the view that with Tisch stepping in, it would be almost impossible for a hostile bidder to take over CBS. S.L. County Names New Director Of Its Division of Job Training Michael Gallegos, associate director of the Salt Lake County Division of Job Training and Development, has been promoted to director. He replaces J.D. Johnson, who has been appointed director of the Salt Lake County Division of Contracts & Procurement. Sandra Feldt has been named to replace Mr. Gallegos as associate di Report of Condition of "DRAPER business on December 31, 1985. rector. She also will continue her duties as employment and training manager. John Nicksich has joined the job training and development division as community relations manager. The division coordinates the federally funded Job Training Partnership Act, which prepares youths, unskilled adults and dislocated workers- REPORT OF CONDITION BANK AND TRUST" of Draper In ASSETS Cosh ond bolonces due from Depository Institutions Noninterest-bearing ond balances o. currency and coin ..... Securities .... Loans ond lease financing receivables: a. Loons ond leases, net ot unearned Income ................ b. LESS: Allowance for loan and lease losses c. Loons and leases, net of unearned Income, allowance, and reserve Premises ond fixed ossets Other real estate owned Other assets ......... Total assets - the state of Utah at the close of $ 9,773,000.00 $47,131,000.00 287,000.00 46,844,000.00 1,547,000.00 616,000.00 1,138.000.00 $63,650,000 00 LIABILITIES Deposits: a. In domestic offices (1.) Noninterest-bearin(2.) Interest-bearin- g Demand notes Issued to the U.S. Treasury Mortgoge Indebtedness and obligations under capitalized leases Other liabilities ..................... ... ......... Totol liabilities EQUITY CAPITAL Common stock .......... .. Surplus .. ... Undivided profits and capital reserves Total equity capital Total liabilities, limited-lif- e preferred stock, and equity copltal 58,114,000.00 $15,886,000.00 42,226,000.00 209,000.00 29,000.00 758,000.00 .. $59,110,000.00 200,000.00 500,000 00 3.840.000.- 00 4.540.000.- 00 $63,650,000,00 bank do hereby declore that these Gront Johnson, Sr. Vice President, of the above-nameReports of Condition ond Income hove been prepared In conformonce with the Instructions Issued by the appropriate Federol regulatory authority ond are true to the best ot my knowledge ond belief. D. GRANT JOHNSON, Sr. Vice President, Jonuary 15, 1986 that We, the undersigned directors, attest to the correctness of this Report of Condition ond declore ft has been examined by us ond to the best of our knowledge ond belief has been prepared In conforIs and true ond authority monce with the Instructions Issued by the appropriate Federal regulatory correct. I, D. D. C. BLUTH FRANK . SMITH PHILL WHETMAN Directors correct I, Avon T. Francis, Program Specialist, do hereby certify that the following Is a true and on in 24, this office filed obove-nomewas d that bank January ot the of of condition the statement copy G. 1966. AVON T. FRANCIS, REPORT OF CONDITION Consolidated Report of Condition of "VALLEY BANK AND TRUST COMPANY of Solt Loke City, Utah, and Foreign and Domestic Subsidiaries, at the close of business December 31, 1985, a state banking Institution oroonlzed ond operating under the banking lows of this state ond a member of the Federal Reserve System. Published In accordance with a coll mode by the State Banking Authority and by the Federal Reserve Bank of this District. ASSETS Cosh ond due from Depository Institutions; S 78,783,000.00 a. Noninterest-bearin- g bolances ond currency and coin b. Interest-bearinbalances 6,995,000.00 Securities 116,078,000.00 Federal funds sold and securities purchased under agreements to resell 22,500,000.00 Loans and lease financing receivables; a. Loans and leases (net) $459,424,000.00 b. Less: allowance for loan ond lease losses 4,601,000.00 c. Loans ond leases, net of unearned Income, allowance, and reserve 454, ,823,000.00 1, 997.000.- 00 In Assets held trodlng occounts 22, 436.000.- 00 Premises and fixed ossets Other real estate owned 6,,110,000.00 2. 388.000.- 00 - Intangible ossets Other ossets 12, 865.000.- 00 TOTAL ASSETS $725,975,000.00 - 3,732,000.00 Program Specialist InvestorsSmall Business GOVERNMENT FINANCING on Government LAND and BUILDINGS Throughout Colorado FOR SALE in April LIABILITIES Deposits: a. In domestic offices (1) (2) Noninterest-bearinInterest-beorln- 628,425,000.00 146,701,000 00 481,724,000.00 Federal funds purchased ond securities sold under agreements to repurchase Demand notes Issued to the U.S. Treasury Other borrowed money Mortgage Indebtedness ond obligations under capitalized leases Notes ond debentures subordinated to deposits Other liabilities TOTAL LIABILITIES 28,964,000.00 1,440,000.00 3,219,000 00 3,693,000 00 Modern 600,000.00 10,405,000.00 AVON T. FRANCIS Program Specialist 20-Un- it Motel Restaurant with Lounge $676,746,000.00 EQUITY CAPITAL 21, 394,000.00 Common stock 14, 597.000 00 Surplus 13, 238.000 00 Undivided Profits ond capital reserves 12, 229 000 00 Total equity capitol 225, 975,000 00 Total liabilities, limited-lif- e preferred stock, ond equity copltol bank, do hereby declore that this Ronold E. Sperry, Senior Vice President, of the above-nameby the Boord of Report of Condition has been prepared in conformonce with the Instructions Issued Governors of the Federal Reserve System and the State Banking Authority and Is tr ue to the best of my knowledge and belief. RONALD E. SPERRY, Senior Vice President Correct-Attest: GAYLEN C. LARSEN GAYLE E. TAYLOR ELMO W. HAMILTON Directors State of Utoh, County of Solt Lake ss: ot 1986. ttsls Nth dav Jonuary, Sworn to ond subscribed before me CINDY SMITH, Notary Public Avon T Francis Program Specialist, do hereby certify that the following Is a true ond correct above-nameIn this office on January 29, was that filed bank of the copy'of the statement of condition 1986. The General Services Administration is offering a number of commercial properties in Colorado. Includes: Oil Well Royalties Commercial & Industrial Sites To obtain complete information and details regarding this important sales offering contact: General Services Administration, Business Service Center, Room 442, Henry M. Jackson Federal Building, Seattle, WA. 98174; Ask for Colorado telephone (206) SBA Property Information. 442-5,r)5- 6. For special questions, call Don Miller or Russ Holm, on (206) 931-754- 8 Rates effective through February Downtown Salt Lake City at 359 South Main 364-840- 0 1 1 Convenient Validated parking at Exchange Place or 4th South & Mam |