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Show Bruce llammoiui by Duffy I'LL HATK) SKIP lUNCK.JKSIE... ennzoil Speaker Sees Strong 86 Business Climate By Joe Rolando Tribune Baiineu Writer Little change in interest rates, an expanding economy and a larger proportion of spending toward domestically produced goods will distinguish the 1M6 business climate, the top officer of First Security Corp. predicted Tuesday. But in addressing the company's 18th annual forecast outlook symposium at Westin Hotel Utah, Spencer F. Eccles, First Security's president and chairman, qualified that forecast somewhat. Mr. Eccles said that although the deficit-reductio- n n law is "a positive first step toward achieving budgetary success, I know of no one who actually believes the legislation will be implemented as written. He said the Federal Reserve must proceed with caution, particularly in e intervening in the markets to influence exchange rates. He said disorderly exchange markets could result in a free fall of the dollar exchange value. During the fourth quarter of 1985, central banks of the five major industrial nations, including the United e States, intervened in the markets to influence exchange rates. Mr. Eccles said the result has been that the exchange-rat- e index measuring the dollar against 10 other major currencies has declined ty foreign-exchang- foreign-ex-chang- 20 percent e, n, n, X WESTERN Texas jury ruled Texaco interfered in a planned Pennzoil merger with Getty Oil Co. A Dr. Matthews said job growth in the state will continue in 1986 but at a narrowing rate. The manufacturing sector is expected to generate 2,000 new jobs in 1986, said the economist. But the potential implementation of defense and cuts under Gramm-Rudman- n in the space program disruption schedule cause some uncertainty reindusgarding Utahs defense-relate- d tries, he added. Dr. Matthews said no immediate Total liabilities, HERITAGE THRIFT A LOAN Bountiful 107 North Main 298-365- 562-020- 3 St. George Sandy 9383'South 700 East iilftii 494 East Tabernacle 9 628-365- Kv 1 -- i 8 I limited-lif- e preferred stock, ond equity capital ,.$941.195,000.00 David bonk do hereby declare that Fischer, Vice President A Controller, of the above-name- d this report of Condition is true and correct to the best of my knowledge and belief. DAVID G. FISCHER, January 2, 1904 We, the undersigned directors, attest to the correctness of this statement of resources and liabilities. We declare that It has been exomlned by us, ond to the best of our knowledge and belief has been prepared in conformance with the Instructions ond Is true and correct. LEON G. HARMON GEORGE ROTHELL LELAND S. SWANER G. I, Qonmim?ainm 0 Directors iMSH OF jPHFSBliCiL mil IGIOFMG THE MOST ffifflFOMMT FHMSS.EffiM EE0TOME El This exam includes a medical these days. history, blood pressure analysis, We think about our muscles,, cardiogram (EKG), serum cholesterol, urinalysis, our waistlines, our bodies in You hear a lot about exercise triglyceride analysis and, general Yet when appropriate, a chest x-ra- y, Importantly, it also includes a follow-u- p review with the physician after the results are in. While nothing can totally protect you from sudden, un- 90-da- expected heart trauma, a heart screening can detect many common danger signs. In many cases, proper mediof us cation or a change in diet or havent behavior can add years to your life. the slightest idea what So, after your next jog, stop kind of shape our by Humana MEDFIRST and look after the most important muscle hearts are in. in your body. Its something eveiy-on- e Its a shame. Tbday, UJ a can do to help fight the leading series of simple, painless tests can cause of death in America detect many potential problems Were open from 8am to 8pm. so that you can act to minimize their consequences. Every day Call ahead. Appointments From Feb. 1 to Feb. 28, in honor of National Heart Month, may be necessary 44umana Humana MEDFIRST' is offering a for this special special Heart Screening at 50 off screening, our regular price. 50 OFF FEBRUARY HEART SCREENING. Kelly K. Matthews, First Securitys senior vice president and economist, told the audience that business condi- - Boise Firm to Repair in Philadelphia 1-- 76 Morrison-KnudseBOISE (AP) Co. Inc. of Boise and a joint-ventu- n re associate said Monday that they received a $50 million contract for repair of 4.4 miles of Interstate 76 in Philadelphia. The contract was awarded to M-and Slattery Associates of New York by the Pennsylvania Department of Transportation. Under terms of the contract, M-and Slattery will perform extensive repair and refurbishing of the Interstate, which also is known as the Schuykill Expressway. This will include resurfacing the roadway, as well as reconstructing a bridge over the Schuykill River, 11 other overpasses and the guard barrier. Work on the project has begun and is expected to be completed in late K 1987. QUASAR AUTHORIZED SERVICE H SpocisSsIs 484-755- 5 Hunuwe a fYtfMrmUrailfrnarko! Co,., loss to Coll tho Botfl VL itS. When you purchase a Money Market Certificate of l $5,000 or more, Western Heritage offers 10.75 interest. Effective annual yield 1 1 .04. changing industrial mix among Utahs wage earners. For example, average wage rates in the service and trade industries where jobs are being created are less than half of the wage rates in the mining industry where jobs are being lost." To forecast interest rates, Mr. Eccles used average weekly rates as of Jan. 24 on y Treasury bills, 7.01 percent, and the composite bond index, 9.59 percent. Mr. Eccles said the expected range variation from of interest-rang- e these levels is 1 percentage point on the upside and one-ha- lf percentage point on the downside. 170 1. 21 Currant Weekly Rate ti.iM Consumer prices will incra se 4 percent to 4 Vi percent, up modestly from 1985; Jobless rate is expected to average between 6.9 percent and 7.1 percent; Housing starts should total 1.74 million to 1.79 million units, a moderate increase from 1985. Mr. Eccles said, "With mortgage rates the lowest since 1979, an increasing number of people will take the opportunity to build or buy a new home. FACTORY B15. 1 0.75 zoil won in 1985. REDOUT OF CONDITION Consolidating domestic ond fortlgn subsid lories of the First Interstate Bar of Utah NJk. of Soft Lake City, Utah, at th close of business on December 31. 195, published In response to coil mate by Comptroller of the Currency, uncter tttte 12, United States Code, Section HI. Charter Number 17241 Comptroller of the Currency Twelfth District. ASSETS Cosh ond balances due from depositary Instttuttons Noninterest-bearinbalances and currency ana coin Interest-bearin- g - - balances 2,403000 00 Securities 1240,000.00 Federal funds sold ond securities purchased under agreements to resell in domestic offices of the bar ond of Its Edge ond Agreement subsidiaries, and 5, 1986 Mr. Concerning Eccles said although that legislation requires budget cuts through Sept. 30 of $11.7 billion, Congress has yet to pass appropriations bills that would enforce the necessary reductions. He said automatic spending cuts will occur if the legislation fails to meet mandated deficit targets, and therein lies the rub Gramm-Rudmahe said, requires an equal split of automatic dollar cuts between defense and domestic programs. But he noted eight entitlement programs and interest on the national debt of about 8460 billion, or 48 percent of the budget, are exempt from reductions. Other major points of Mr. Eccles forecast for 1986 include: Consumer spending will remain reasonably strong but growth rates will narrow; . Automobile sales patterns may ebb and flow with various factory financing incentives. But sales should number 10.25 million to 10.75 million, nearly duplicating 1985s strong performance; Real Gross National Product should increase 3 to 3V4; Gramm-Rudma- improvement is anticipated in Utah's electronics industry, which suffered layoff pains from international tions in Utah in 1986 will not be significantly different than last year. He explained: Growth rates in employment and sales are expected to be flat to lower. Unfortunately, areas of financial pain persist, with depreciated real estate values a primary source of discomfort. Dr. Matthews said total personal income in the state in 1985 increased 5 Vi percent, a significant slowdown from the 10.1 percent gain in 1984. With a 3.7 percent gain in average employment, it would appear that the average hourly wage gain was only 2 percent. The actual hourly wage increase was probably closer to 3 percent to 3V4 percent. The difference partially reflects a sure to the judiciary system as the oil firms prepared to take their multi-billio- n dollar legal battle to a federal appeals court Pennzoil lashed out at Texaco after the White Plains firm responded to Pennzoil briefs arguing for overturning a federal district court ruling that favored Texaco. Prompting Pennzoil's criticism was the filing of friend of the court briefs by U.S. senators, congressmen and at least 11 states that contend Texacos existence is threatened by a record 811-- billion judgment Penn- February Wednesday, MONEY MARKET PLAINS, N.Y. (UPI) -PCo. accused Texaco Inc. Tuesday of applying political presWHITE TOO (nuCHIDPO. Gramm-Rudma- The Salt Lake Tribune, Pennzoil Says Texaco Is Pressuring Courts BOUNTIFUL 214 West 1500 South 292-610- HOLLADAY 4675 S. Highland 272-980- Dr. 7 (opens January 27) MIDVALE 6947 South, 900 East 566-720- OGDEN 447 12th St 399-335- Humana. Inc MHMksT oa mpsirrrd trademark OREM 1344 South, 800 East 225-734- ol Innuiry Medical Management TAYLORSVILLE 5500 South Redwood Rd. 967-990- Inc ("m WEST IORDAN 1549 West 7800 South WEST VALLEY 3390 South 5600 West 964-190- 566-492- (opens January 27) l i |
