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Show Business Saturda Section Morning Ma B Jl. Page ami Down the Street I Gold Firm Seeks New Ventures After recognizing Iccm-- , in a Peru Man mining venture Gold Standard lno Salt Lakt City is looking for neu opportunities in the I'mted States and $59 819 share in 1984 set Gold Standard packaged the main properties for the mine and nulling operations begun in 1983 by Getty Oil Co. The Mercur operation was later taken over by Barrick Resources ot anada Scott 1. Smith, president writes in the 985 annual report Mr Smith said the firm has taken a 1.600-acrI lah state lease at Long Ridge, eight miles southwest of Gold Standard s Mercur gold properties in Tooele County Long Ridge, he said, has geology "very similar to that of the Mercur mine The $188,709 assigned to abandonment of the Peruvian venture was the principal expense item of the company in 1985. a year for which Standard shows a $230 789. or 2 a share, loss. That compares with a loss ot 1 Toronto after Getty was purchased by Texaco Inc Some 4,000 tons of ore daily are mined and milled at the Mercur property. yielding 9.000 ounces of gold monthly. Mr. Smith said "Out of thousands of companies that have tried and failed, Gold Standard is one of the only junior mining companies in the United States to accomplish bringing a major mine into production "We have decided to get back into the exploration business where we have succeeded in the past " e Hot Ball) a The year past, however, was the first in which Gold Standard was able to realize a minimum net profit ad vance $75,000 - from the Mercur operation The Mercur gold property, at the southern end of the Oquirrh Mountains. is Gold Standard's principal as- I just-issue- or in Month.: Dxperts Don't Know Lung Ridge he said appatently has not been prospected or drilled Disseminated gold deposits like those at Mercur and in Nevada are microscopic in nature, and only an assay can tell if gold is present he said Since panning, visual prospecting and other methods are of no avail. ' it is easy to see why the earlier prospectors could miss a deposit of this " type O IU Corner Heres Flow to Justify Hostility To a All right I admit 20-Yectr-- it I wa a little bit hostile But there was just something kid sitting about the across the table telling me his com Gold Standard plans a systematic sampling of Long Hidge this year, he operating agreement with Getty stated that Gold Standard is to get 15 percent of Mercur's net profits when the developer-operato- r has recovered his development and operating costs Annual advance minimum payments were required after the first full year of operation rcur pany was going to become "the General Motors of the carpetcleaning industry" that rankled a bit Especially since he had just conmerged his carpet-cleanincern with a Utah penny stock company Over the past week. I've thought a lot about my interview with Barg ry Minkow Mr. Minkow is founder of ZZZZ Best Co. Inc., a carpet and furni li concern based in Southern California. By all reports, his business is doing well. Its revenues for the period ended Jan. 31 were $2.9 million and may reach over $5 million this year. He recently merged his company with the Utah shell. Morning-sta- r Investments, and the stock has done pretty well since. So why was I unfriendly Maybe it was because one of the first things he did was present me with a packet of information which had. among its contents, an glossy photo of himself leaning over a Rolls Royce. But I don't think so. Being just as much an admirer of fine automobiles as the next guy. how could that have bothered me? After all. I drive a Toyota pickup truck which, as everyone knows, is about as fine a macliine as you can get anywhere ture-cleanin- g High-Flyin- Dow Wings It to Another Gain g NEW YORK (APi The stock market capped off its best week in more than two months with another advance Friday The Dow Jones average ot 30 industrials. up 31.13 points on Thursday, climbed another 16.99 to 1.823.29. That left the average with a net gain of 63 49 for the week, its largest since it rose a record 92.91 points March 10 to ton Corp.. predicted further declines The Market In Brief New York Stock in VOLUME 938 130,160,000 however, he said economic growth and inflation are likely to heat up. leading to an upswing in long-terinterest rates. By 1987. SHARES 14. Analysts said there was no readily apparent news development to account for the market's revival Thursday But in the view of many Wall Streeters, rallies that have no convenient "explanation" are often significant. because they can represent something more than just a shortterm response to some news item During Friday's activity. Albert Wojnilower. economist at First Bos- - ISSUES TRADED Among actively traded blue chips. International Business Machines rose G to 1437: Eastman Kodak 7 to 587h: and General Electric l7 to 1,954 DOWN 611 797s. N.Y.S E. Index S. & P. rates this In a speech delivered at a meeting of bond dealers in Singapore. Wojnilower also said he expected the Federal Reserve Board to lower its discount rate at least one more time. May 23, 1986 UP interest open-mark- year. Exchange Comp Dow Jones Ind 138.88 241.35 - Upjohn gained 5' to 94. The company said Thursday it hopes to be able to market one of its drugs as a treatment for male baldness as early as next year 0.71 - 1.23 16.99 1,823.29 Maybe n nus Mi Minkow de scribing himself as an enirepie neur He was in town to address an Association of Collegiate Entrepre neurs conference at the Sheraton Triad Hotel & Towels I e always associated the wold entrepreneur with the true movers and shakers of the financial world the merchant bankers They put together huge deals and commit to deliver millions, sometimes bil lions of dollars in capital while as suming the risk of later being able to actually raise the money said The company, he said elected to end involvement with the Rosco Mines project in Peru when it could not obtain government clearance to do business in that country and could not bring Posco to profitable production Mr Smith noted the original .Me- Entrepreneur Old nine-mont- h The word "entrepreneur" lately seems to have become one ol those trendy "in" words used to describe every person who ever attempted to turn a dime. The corner grocer is described as an entrepreneur, so is the bum on the street corner who sells pencils out of a cup But concede Mr. Minkow is an entrepreneur, although he's as far removed from a merchant banker as he is from the bum on the street corner selling pencils Personally. I'd prefer to describe Mr Minkow as a businessman 1 My unfriendly behavior could have been caused by the small entourage that he brought along to the interview. There were three people with him. They seemed to hang onto every word Mr Minkow spoke - even when it was non sense You see. Mr. Minkow seemingly felt the need to convince me his business was legitimate. That was probably sparked by my questions on his merger with the Utah shell Although I never doubted his business was legitimate, he pointed out that publications such as the Lus Angeles Times had written stories about him and said they never would have done so if his business wasn't OK. Mr. Minkow obviously hadn t heard of the story concerning the "Fat Squad." w hich was carried by nt'W.spdpcls j wile m'IUU' and other media aiToss the country just days befoie he arrived in Salt Lake tity It seems that an entrepreneur. who was teallv just someone who likes to oecasionallv put one over on the media, presented himself to a newspaper back East and said he was the founder of the Fat diet aid lie Squad, a sort id live-isaid squad members would come into your home, monitor your eating habits, and physically restrain you from the refrigerator if your diet was threatened It was all a hoax So much lor the idea that getting a story written on a business establishes its legitima- cy. But like I said, the legitimacy of Mr Minkow's business venture has never been in doubt in my mind ' ; ? In fact, it never even bothered me that Mr. Minkow thought there was some bias on my part against companies which merge with local shells. There's no bias, just caution However, when anyone associated concern with an says his company is going tu become the General Motors of anything. I start looking tor the red flags But at least Mr Minkow. who was very gracious even while being interviewed by a jerk, didn't accuse me of being prejudice against him because he was only 20 (One of his entourage subtly did that ) So why was I unfriendly? It could have been because Mr. Minkuw. right after he gave me his picture with the Rolls, offered me a free, autographed copy of his book. Making It In America, an autobiography His offer of the book was declined. A lot of newspaper reporters are frustrated authors, and I was afraid if I looked at the book the publisher would have been Doubleday. Random House ur maybe even Simon & Schuster That would have really hurt Banks Cutting Credit-Car- d Rates, But Some Strings Are Attached By Bill Menezes AP Business Writer - NEW YORK Complaints by consumers and politicians over credit card interest rates far above those on mortgages and other loans seem to have borne fruit, with spreading ofe cards. fers of But plastic generally has strings attached. While many lenders are lowering interest on bank cards such as Visa and MasterCard, the changes often also may bring higher fees, shortening of the "grace period" before intercut-rat- est charges take effect or tightening of credit requirements. "By eliminating the grace period we re able to lower the rate." said Marc Chodorow. a spokesman for Goldome. which this past week began offering a Visa card with a 13.9 percent annual interest rate, compared with the 18 percent on its regular Visa. Others have cut interest rates, but for balances over a certain amount, say $1,500. The interest rate on bank cards averaged 18,91 percent in the May 14 only Weekly Sales of U.S. Autos Decline 2.4 - U.S. automakDETROIT (UPI) ers Friday reported a 2.4 percent decline in car sales for the May period as the effects of price increases and buyer incentive plans confused many new car buyers. 0 The companies reported combined sales of 261.680 cars in the United States during the latest period. This compares with 268.009 units sold in the year ago period. For the period. GM's sales declined 2.4 percent, while Ford posted a 3.1 percent decrease. Chrysler was the only one of the Big Three to post an increase, but it was a scant 0.3 survey of 50 large banks and thrifts in five major markets by the Bank Rate Monitor newsletter. By comparison, rates now hover in the 10 percent range for fixed-rat- e home mortgages. 11.7 percent for auto loans and 15.6 percent for a unsecured personal loan, the newsletter said. Those rates generally are several percentage points lower than they were six months ago. having followed a drop in interest rates since then. A recent survey by the Bank Credit Card Observer newsletter indicated that among 85 banks nationwide the annual percentage rate on Visa and MasterCard ranged from a low of 10.5 percent to a high of 21 percent. Many card issuers have taken advantage of the disparity and of publicity over by congressional proposals to limit credit-carrates, says John Crothers Pollock III. publishei of the monthly newsletter. Pollock contended that although recent surveys by the publication indicated See Column 1 open-mark- d m r HEWLETT PACKARD J GRADUATION SALE! HP-II- C SILVER REED EX-3- 0 MFR. REBATE YOUR COST Scientific 49.95 Financial 84.50 Scientific 84.50 Computer Science 94.50 HP 4 1CV Advanced 149.95 HP 41CX Advanced 199.95 HP-12- C 219.00 -- 25.00 194.00 HP-15- C Thats the HP-16- C MAGIC OF NEW LOWER PRICES! 10 on all H.P. 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