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Show DePaulis Outlines Citys Role In Economic Development By Joe Rolando Tribune Staff Writer pected to be presented to the City Council and then to the public, she said. Mayor DePaulis introduced John Hiskey, the citys economic development director, to the Retail Merchants Association. He said Mr. Hiskey is available to help the business community cut through "the red tape at city hall. In other action, Reuel Ware, owner for more than 27 years of Reuels Photo Blue, was named president of the Retail Merchants Association. He succeeds G. Robert DeWitt of ZCMI, who has held the position for the past two years. businesses of all types and sizes and government and religious leaders. She said the company also developed many demographic trends and six documents, emphasizing among many things the focus of the citys economic development program. The citys economic development office is working with the mayor to make some corrections on the study, said Ms. Remington. In a couple weeks, the study is ex- 100 Mr. Ware is past president of the Salt Lake Kiwanis Club, immediate past president of the National Art Materials Trade Association and has been a member of the Retail Merchants Association since 1972. Reuels Photo Blue, which has been in business since 1932, has Stock Exchange VOLUME 3 378 TRADED B Page 7 Hollering Capital Base M organ Stanley Group To Offer Public Stock ation came from W. James Mortimer, publisher of The Deseret News. He reflected on the time when he was president of the Retail Merchants Association 10 years ago. In preliminary prospectus the holding company of Mogan Stanley & Co., the investment janking firm, said it expected the of ring to be priced between $42 581 prices." He said falling oil prices are encouraging a belief that the Federal Reserve Board will cut the discount rate which has stood at Vk percent since last May. Because the lower oil prices would discourage the lower interest rates from rekindling inflation, this could bring another round of more moves by the Fed to stimulate the economy, Peroni said. d Sewing Industry By Joe Rolando Tribune Staff Writer - STAMFORD, Conn. (AP) Singer Co. wants to pull out of the sewing less Although machine industry it once dominated worldwide and concentrate on expanding its aerospace and military product lines, company officials said Tuesday. Thomas Elliott, vice president of corporate relations, said Singers board of directors has directed management to investigate the possibility of spinning off its sewing and furniture operations into a separate, independent company. Stock in the new company would then be distributed to Singer Co. shareholders as a special dividend. The worlds sewing markets have declined over the last 10 to 15 years in North America and Europe, because more women are working, Elliott said. Were looking into the possibility of creating a separate company for sewing and furniture, which would leave Singer Company as a pure aerospace electronics company. Singers aerospace electronics business generated $1.2 billion in revenue in 1985, while sewing revenues amounted to $567 million, Elliott said. Singer, founded in 1851, entered the aerospace electronics business in 1968 by acquiring General Precision Equipment, and has seen that segment grow in the last decade. Elliott said in 1973 the aerospace electronics business represented 13 percent of Singers business, now it means 60 percent, and under the new proposal, it will generate 80 percent of its business. square feet of industrial space was leased in 1985 than the year before, it has not been detrimental to the areas market. In giving that assessment Tuesday, Gregory A. Stuart, chairman of the d Comboard of Salt Lake merce Properties, said in both 1983 and 1984 an extremely large amount of space was leased or absorbed. So in 1985, he said, the industrial-spac- e market was expected to relax. study, which Mr. Stuart called significant: There is 364,000 square feet less of small industrial space available than the year before. "Small industrial spaces range up to 5,000 square feet. In the midsize category, or 5,000- - AA But deregulation and other The years absorption actually amounted to 2.5 million square feet, according to Commerce Properties annual industrial-spac- e survey released Tuesday. The space brought on the market amounted to 1.07 million square feet, including 600,000 square feet built on speculation. Mr. Stuart said the speculation space is down about 600,000 square feet from 1984, an indicator that developers are showing some prudence in not flooding the market with an unmanageable amount of space. Vacancy rates decreased in 1985 to 8.3 percent, compared to 9.9 percent the previous year. Mr. Stuart said lease rates increased in 1985 by about 10 percent, adding about 3 to 4 cents to each square foot of industrial space per month. He said the average per month lease rate runs 24.6 cents per square foot. Most of the increase can be attributed to higher landlord expenses, such as maintenance, insurance and taxes, said Mr. Stuart. Here are other factors in the 1985 Dealers attributed nervous trading to intensified pessimism about the outlook for the oversupplied market. The price for March delivery of n West Texas Intermediate, the U.S. crude, fell to $14.77 for a barrel on the New York Mercantile Exchange, down $1.24 from the previous sessions close. Prices of other petroleum products g also dropped, notably best-know- home-heatin- Industry Capacity Increases Again WASHINGTON (AP) Morgan Stanleys net income percent from 73 $61.2 while revenue rose lithe large category, or 20,000 squari eet or more, there is one half millio square feet more available than i 1984, bringing the total to 3.5 millio square feet. down oil fo 2.68 49.88 gallon, gasoline, down 3.20 cents to nts a gallon. i ei It sems a lot of this is a momentum tpe thing, panic-typ- e selling, said I ter Beutel, assistant director of Rui ilf Wolff Futures Inc., an - U.S. indus- try operated at 80.8 percent of capacity in January, the third consecutive million in 1984 to $105.9 million last year, I 43.55 Still, the first public disclosure of Morgan Stanleys financial data shows the firm performed well last year despite having a capital base that trails many of its larger competitors. soared Oil Drops Below H5 a Barrel March delivery, - a Crude cents a and barrel for cents oil (AP) prices plunged below $15 the first time in seven years Tuesday. Numerous factors, including changing government agricultural policies, reduced agricultural exports resulting from a strong dollar and expanded foreign agricultural capacity, high real interest rates, abnormal weather patterns and low commodity prices have led to a near record number of farm and ranch insolvencies, the release stated. The Farm Credit System is cooperatively owned by its farm borrowers and is made up of 37 regional banks that issue operating and mortgage loans through local land bank associations and production credit associations, and also make loans to farm cooperatives. changes in the financial markets have placed a lesser value on longstanding relationships between investment banks and their clients. The premium now is on a firms ability to take advantage of short-tertrading opportunities and other activities that often require huge sums of capital to be committed at a moments notice. Many of Morgan Stanleys key rivals already have merged or issued their first public shares to raise their capital levels as well. City-base- NEW YORK loss topped the $1.46 billion loss posted by Continental Illinois Corp. in the second quarter of 1984 as the largest in U.S. banking history. Among private industry, it would be second only to the $4.87 billion loss reported by American Telephone & Telegraph Co. in the fourth quarter of 1983, which stemmed from a $5.5 billion charge for accounting changes of assets related to and a write-dow- n the split-u- p of the Bell System. In a news release, the cooperative lending system said continuing declines in farmland values and low commodity prices had hampered farmers ability to raise enough money to pay their debts. As a privately held firm, Morgan Stanley built a prestigious reputation by providing underwriting and advisory services for the blue chips of corporate America. AAA,. .. . loss of $426.3 h quarter. The quarterly 31. Leasing of S.L. Industrial Space Drops nine-mont- million, it was obvious most of the annual loss occurred in the fourth Morgan Stanley, which was spun off from the J.P. Morgan & Co. banking empire in 1935, announced last month that it wanted to sell the stock in order to bolster its capital base, which stood at $486.5 million on Dec. 85 Decline Was Expected Singer Co. Hopes To Get Out of $46 a late-Marc- Dav Jones of the New York of Aubrey G. Lanston & Co. sjd another incentive for the Feds cjtting interest rates is that this wuld be a perfect time . . . to hel some of the intensifying debt ppblems coming in the wake of easlg oil prices. Amg the most active issues, Johns & Johnson, which Monday annou :ed it was suspending use of capsus following the latest Tylenol lisoning, was up 1 at 49Vs. Othenrug issues were Merck Co., whichose 3i to 1474, and Upjohn stock Co., wich declared a split, ise 3 to 143V2. of Batemen Eichler, Hill Richards Inc. It seems to be responding to the same old adage that lower interest rates lead to high stock systems share, which would raise $189 million to $207 million. The actual offering price will be decided by the underwriters of the sale after the Securities and Exchange Commission approves the firms stock registration statement, which provides data on the company and its operations and is similar to the prospectus. Morgan Stanley insiders said they expect the review to take a few weeks, with the sale likely in mid- - to and By James F. Peltz AP Business Writer YORK Morgan Stanley Inc. said the first public offer-stoc- k in the history of the elje investment firm will consist of 4.5fnillion common shares, or 19 percet of what will then be its total comrin stock outstanding. The principal address to the associ- Tuesday, driving the market to another record high amid expectations of lower interest rates and a strengthened U.S. economy. The Dow Jones industrial average closed at 1,678.78, up 14.33 from Fridays close. There was no trading Monday because of the George Washington's Birthday holiday. "A lot of extraordinary trends were motivating the market, which seems to hear no ill news, said Eugene Peroni, an analyst with the securities firm Los Angeles-base- 2,077 DOWN director-manage- of the association. - SHARES 6 Seion Boyd Ware, manager, Deseret Book, first vice president, and Jer-ri- e Seiler, owner of Nancis, second vice president. Elected to the associations board of directors are Crystal Ozuna, general manager of Nordstrom stores; Debbie Reverman, marketing and special events director, Crossroads Plaza; Sherrn Payne, marketing director, ZCMI Center; Fred Schwab, merchandising manager, Triad Center; and Charles Tannenbaum, manager of National Department Store. r Ev Gray will remain as The bulls NEW YORK (AP) were loose on Wall Street again 160,200,000 ISSUES grown to four stores in the Salt Lake City area. Other officers elected include analysts said the huge loss had been" expected, but labeled it an indication of the continuing poor state of the nations agricultural credit system and the farm economy. "At this point in time, given the continued downward spiral in agricultural commodity prices and agricultural land values, it looks as though their capital position will continue to be under pressure for a while, said Tony Smith, financial analyst for L.F. Rothschild, Unterberg, Towbin in New York. James Roll, a spokesman at the Farm Credit headquarters in New York, said the report released Tuesday did not state a separate fourth-quartloss for the system because, for the first time the report included not only its 37 banks but also Produc- tion Credit Associations and other service units of the system. But he noted that in light of the Farm Credit, which posted a $373 million profit in 1984, said the bulk of the loss came in the fourth quarter when its member banks added millions of dollars to reserves for covering bad loans to counter the effects of 1986 Bullish Market Breeds Anothir Record Feb. 18, 1986 UNCHANGED 19, Ms. Gray Traders Expect Interest Rates to Fall The Market In Brief UP Ms. Seiler Boyd Ware Ms. Remington said Stanford Re- 1,181 business A . February Calif.-base- d York y f Wednesday Morning disseminated. Jill Remington, assistant director of the citys economic development office, said Stanford Research Inc., Menlo Park, research company, was hired about a year ago to to help determine what role the citys economic development office should take. New - System, the nation's largest provider of agricultural loans, reported Tuesday it lost $2.69 billion during 1985, its first annual loss since the Depression and the largest quarterly U.S. banking loss ever. i -- nations farm industries. Farm Credit officials and financial a continuing slump in. the By Bill Menezes AP Business Writer The Farm Credit NEW YORK tribune 'V Mayor Palmer DePaulis said Tuesday the draft of a new economic development study seems to indicate Salt Lake City's primary role will be strengthening, developing and maintaining the expansion of existing business. The mayor, addressing the annual breakfast meeting of the Retail Merchants Association, then promised to share the findings of the study with the citys business community when they are ready to be search interviewed Farm Credit Reports EIk 5 nit iakc Record Banking Loss increase, but only a 0.1 percent improvement over December, the government said Tuesday. The Federal Reserve Board said the increase in the operating rate at. the nations factories, mines and utilities was substantially smaller than the gains of 0.5 percentage point in November and 0.4 percentage point in December. . The operating rate, which fell in September and October, was generally weak during all of 1985 as American manufacturers were hobbled by strong foreign competition. Analysts said they detected signs in the three months of gains that prospects are brightening for domestic manufacturers. percent from $1.3 billion to $1.8 billion, a record for the company, according to the prospectus. Revenue from investment banking alone increased 59 percent to $423.5 million, while revenue from principal such as when Morgan transactions Stanley trades for its own account nearly doubled to $243 million. 34 After its public stock offering, Morgan Stanley said it would have 24.2 million common shares outstanding, of which 19.7 million, or 81 percent, would be owned by its 111 managing directors and 143 principals. Those executives currently own all of the firms stock. ener-gy-fulr- trader in New York. 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