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Show This Years Onion Crop (eJk Could Bring Tears It c a Salt To Utah Farmers Eyes Sri b nn r Business Bull Market Is Still Snorting, But IIow Long Will It Last? some improvement in the economy this year, said Newton Zinder, senior vice president of E F. Hutton A Co. in By Bill Menezes Associated Press Writer NEW YORK The bull market in stocks celebrated its fourth anniversary with a strong rally this past week, but along with those who proclaimed the end of the market's recent downward correction" were others contending the birthday celebration would be a short one. It was on Aug. 13, 1982, that the Dow Jones industrial average rose 11.13 points after starting the day at a two-yelow of 776.92. That marked the beginning of a bull market that has seen the widely followed index almost routinely shatter records. New York. On the other hand, the markets gains still have left it far below its levels before tte July selloff. And many analysts note that it was just a matter of time before the market staged a technical advance to regain some of the ground lost in the steep drop. "We don't think there was anything fundamental pushing the market higher this week, said Hildegarde Securi Zagorski of Prudential-Bache i ties Inc. As far as fundamentals are concerned, the bond market did rally a little bit but interest rates have not come down, really. Given that the Fed already has cut the discount rate three times this year with little effect on the economy as a whole, there seems to be little chance of an economic pickup over the short term, some analysts said. Monday Morning Page Bruce 12 Hammonc! WHAT'S THE EXPLANATION FOR OW NOT SOONER?! said Booth Wallentine, Utr'-FarBureau executive vice president. "Just one frost at the wrot.g time can ruin it. The industry is contained mostly in Davis and Box Elder counties and represents about 2 percent of the 5 1 Percent Above Last Year Savings Bond Sales Highest Since 45 The sale of U.S. Savings Bonds in July jumped to its highest July total since 1945 and 51 percent higher than the previous year, the Treasury Department reported. July savings bond sales reached $762 million, $124 million more than the $638 million sold in June but below this fiscal years top sales month of May when $849 million in bonds were sold. For the first 10 months of the 1986 fiscal year, savings bond sales have totalled $6.06 billion, a 50 percent gain from the first 10 months of 1985 when $4.05 billion in bonds were sold. Julys figures helped raise the value of savings bonds being held by Americans to $84.56 billion, according to the Treasury release, which noted that since July 1985, the value of outstanding bonds has increased 10 percent, from $77.17 billion. Redemptions in July dropped 7 percent, to $426 million compared to $458 million a year ago. For the fiscal year, redemptions total $4.33 billion which is 11 percent low than last year. Series EE Savings Bonds held five years or longer earn the greater of rates based on 85 percent of market rates on five-yeTreasury marketable securities during the period they are held or 7.5 percent. Market-base- d rates are changed semiannually, each May and November, reflecting market averages during the preceding six months. The current rate, effective May 1 through Oct. 31, is 7.02 percent. New Officers Lead Business Women phenomenon, advancers among New York Stock Exchange-listed stocks numbered more than 1,000 on Monday through Thursday, the first time advances reached the mark in four consecutive sessions since early August 1984. A reflection of the rally's sturdiness was its breadth, with gains coming in a wide range of stocks. The NYSEs composite index rose 5.81 points on the week its best since the week ended March 14 and the Standard & Poors index of 500 stocks was up 10.27 points. On the American Stock Exchange, the market value index climbed 6.50 points. Gains included economically sensitive and cyclical areas such as drugs, technologies, airlines and utilities. The interest Dow Jones average of 15 utilities, for example, hit a record 209.16 on Wednesday and kept rising the rest of the week. Even when blue chips bogged down late in the week on profit taking and a general market slowdown, the utilities and transportation averages kept moving upward. Theres some feeling we'll see n Ethel Soter, office and credit manager of Skyline Electric, has been elected president of the Wasatch Chapter of the American Busi- ness Womens Association. Ms. Soter served as president of Utah Credit Women in 1985. She is on the board of directors of Auto Employees Credit 1968, division director, Mr. Robinson will be responsible for licensure of 45 professions, working with 38 boards and committees that regulate them. division of occupation- Mr. Robinson will also continue his current assignment as investigation consultant for the Division of Public Utilities on the Simonelli investigation until it is completed, probably within three months. He succeeds former director Rob, . since David E. Robinson, investigation consultant in the Utah Department of Business Regulation, has been named director of the deal and professional licensing. Union. s' Soter She has been ac- tive in the Wasatch chapter of ABWA rate-sensiti- Agency Consultant Appointed Director of Business Division partment's serving as president, vice president, treasurer, hospitality chairman, program chairman and membership chairman. She was the chapters Woman of the Year in 1980. Others elected to chapter offices include Alice Schaelling, vice president; Teresa Bounama, recording secretary; Helen Andrus, corresponding secretary; and Virinia Seninger, treasurer. ert Bowen, who Western Airlines Opens New S.L. Ticket Office Before working for the depart- ment, Mr. Robinson, a business administration graduate of the University of Utah, was chief executive officer of a Los Angeles firm that oversaw planning, construction and operation of hospitals and other medical enterprises. He also has been a special agent for the FBI. WANTED replacement procedure Introducing the new Perma-Haiprocess. The first of its kind anyis truly a where. New Perma-Hai- r different method of replacing lost hair. Unlike other hair replacement techniques, Perma-Hai- r truly gives the appearance of hair growing from your own scalp. It bounces, combs, washes, even r LIABILITIES Deposits: a. In domestic offices (1) (2) 22,901,000.00 7,388,000.00 Noninterest-bearin- 15,513,000.00 Interest-beorln- .. Perma- begins. EQUITY CAPITAL TODAY I FREE CONSULTATION FOR MORE INFORMATION. BY APPOINTMENT ONLY CALL N X A 526 E. 300 So I I R A 284.000.- 00 221.000.- 00 ond obligations under capitalized leases Mortgage Indebtedness Other liabilities TOTAL LIABILITIES like vour own growing hair. Impossible to tell where your own growing hair stops and blow-drie- s CAl Western Airlines has opened a ticket office on the corner of 64th South and State Street to serve the south part of the Salt Lake Valley. Bill Tatman, Westerns district sales manager, said the office will help customers with ticketing, seat y advance assignments, up to boarding passes for all Western flights and refunds. REPORT OF CONDITION In the Stole of Utoh at the close of Report o( condition ol "UNITED BANK of SALT LAKE COUNTY" business on June 30, 1986 ASSETS S 3,228,000.00 Cash and due from Depository Institutions 2,681,000.00 Securities securities purchased Federal funds sold ond 400,000.00 under agreements to resell Loon and leoe financing recelvobles: 00 a. Loons and leases (net) 5 i8,ow.w b. LESS allowances for loss 18,158,000.00 c. Loans ond leases, net of unearned Income 693.000.- 00 Premises ond fixed ossets (Including capitalized leases) 45,000 00 owned estate Other real 654.000.- 00 Other ossets $25,859,000.00 TOTAL ASSETS Men to try new hair -Hair As re- signed to run for Salt Lake County assessor. 1. 363-881- 1 OUTSIDE OF SL AREA S23, ,406,000.00 450,000 00 k 240.000.- 00 763.000.- 00 Common stock Undivided Profits and capital reserves Total equity copltol TOTAL LIABILITIES ANO EQUITY CAPITAL . 2, 453.000.- 00 ..$75, the ,859,000.00 I CAREER SPECIAL With the poor situation most of Utahs other farm crops are in, though, onions were a good cash crop for farmers in the early 1980s, when prices were above $12 per hundred- weight, or nearly triple what they are now. Also, when U&I Sugar pulled out of the state in 1980, many sugar beet farmers put their land into onions, he said, resulting in an average of 2,000 acres in the state being planted in onions. Utahns will plant 1,400 acres of onions in 1986, down from 1,600 acres in 1985 and 2,200 acres in 1984, said Mr. Bacchus Safety Honored The Hercules Aerospace Bacchus Works earned its fourth safety award this year for more than 4 million safe work hours in 136 days. The award is known as the Aerospace Products Group Presidents Award. The Baccus Works is now trying to achieve 5 million safe work hours by and the Hercules Aerospace Co. Presidents Award on Sept. 25. The Baccus Works could earn its second aerospace company President's Award on Dec. 24. That would bring the number of its awards in 1986 to six. The awards include a merchandise item for each employee. Sept. 4 Home Sales Up 30 in July For S.L. Area Sales of single-famil- homes y percent in July in the Salt jumped Lake area, the highest level in five 30 years, driving homes sales for the year up 4.4 percent from 1985. Lackluster homes sales in recent months, despite interest rates that dipped into the single digits for the first time in seven years, perplexed local industry officials. For the past few months weve been saying sales figures had to take a big leap soon, said Rich Bennion, president of the Salt Lake Board of Realtors. "Buyers have finally made it through the loan process. Were glad to see this positive upturn in the local real estate market. The board reported a total of 603 single-famil- y home sales during the month compared to 464 in July 1985. That brings home sales for the year up to 3,314 compared to 3,176 a year ago. The rush to refinance and buy homes when interest rates fell as low as 9.5 percent earlier this spring, caught mortgage lenders and appraisers unprepared and created a backlog of applications which slowed closings. Mortgage refinancings, which accounted for as much as 54 percent of the mortgage applications earlier in the year, are still a factor, but are between 45 and 48 percent of the applications, according to officials at Mountain States Mortgage, a leading mortgage banker in the state. Overall residential property sales, which include single-familhome, condominiums, apartmentduplexes and vacant lots were up 23.4 percent from last year, with total sales of 690 compared with 559 in July 1985. Residential dollar volume up slightly under that, 23.1 percent. While the increase is good news for home sellers, home buyers could begin to see home prices begin to escalate, as they have in other parts of the country where housing sales have increased. The average selling price of a home last month jumped $1,174 to $81,826 from the $80,652 average for the first six months of this year. That almost equals the $81,900 national median price of a home during the April to June period compiled by the National Association of Realtors, n which listed the Salt median price at $67,800. y Lake-Ogde- REPORT OF CONDITION Consolidated Report of Condition for PIONEER BANK" for June 30, 1986. ASSETS Cosh ond balances due from Depository Institutions $ 966,000.00 a. Noninterest-bearin- g balances and currency and coin Securities 2,225,000.00 Federal funds sold ond securities purchased under agreements to resell 200,000.00 Loons ond lease financing recelvobles: a. Loans and leases, net of unearned Income ...$4,883,000.00 b. LESS: Allowance for loan and lease losses ... 147,000.00 c. Loans ond leases, net of unearned 4,736,000.00 Income, allowance, and reserve 415.000.- 00 Premises ond fixed assets 186.000.- 00 Other real estate owned Other ossets Total assets LIABILITIES Deposits: a. In domestic offices (1.) (2.) 7,845,000.00 $3,425,000.00 4,420,000.00 Noninterest-bearin- g Interest-beorln- g Other liabilities Total liabilities -- - 7.899.000,00 EQUITY CAPITAL .. .. Common stock Surplus Undivided profits and copltal reserves Total equity copltal Total liabilities, llntted-llf- e preferred stock, and equity copltal 810,000.00 1,039,000.00 .. 865,000.00) 984.000.00 8.883.000.00 bank do hereby dedore that I, Jill H. Blschoff, Sr. Vice PresldentController, of the above-name- d these Repo- - of Condition ond Income have hen prepared In conformance with the Instructions Issued by the appropriate Federal regulatory authority and ore true to the best of my knowledge ond belief. JILL H. BlSCHOFF, Sr. Vice PresldentController, July 29, 1986 We, the undersigned directors, attest to the correctness of this Report of Condition and declare that It has been examined by us and to the best of our knowledge and belief has been prepared In conformance with the Instructions Issued by the appropriate Federal regulatory authority ond Is true and correct. G. LAPSLEY SKANKEY HUGH S. WEST WILLIAM RICHARD L. Directors I, R (chord L. Burt, Chief E xomlner, do hereby certify that the following Is o true ond correct copy of bonk that was filed In this office on Auoust 6, 1986. the statement of condition of the obove-nome- d RICHARD L. BURT, Chief Examiner Oiler Limited to Stotk on Hoik! Single floppy disk dr ive system 256KB RAM memory Set ml and parallel poits AT type keyboard Moihx brume monitor MS DOS operating BASIC pioqtammiiH la nijutiqe O. ie year warranty 2 Drive System vsj '1,149 SofShop COMPUTER DRIVE SALT LAKE CITY, UT STORE (1100 EAST) 84106 467-333- 6 REPORT OF CONDITION Consolidated Report of Condition for FIRST SECURITY STATE BANK" of Sort Loke City, In the State of Utah, at the close of business on June 30, 1986. ASSETS Cosh ond balances due from depository Institutions Noninterest-bearin$ 1,515,000.00 bolonces ond currency and coin a. b. OPPORTUNITY WITH MONOCHROME MONITOR 2166 HIGHLAND Muir-Rob-ert- s. n Directors STATE OF UTAH DEPARTMENT OF FINANCIAL INSTITUTIONS: do hereby certify that this Is a true ond correct copy of me l Richocd L. Burt, Chief Exomlner, statement of condition of me United Bonk, filed In mis office on August 5, 1986. RICHARO L. BURT, Chief Examiner. 1 and vegetable distributor, were harvested. Prices were some $2 per hundredlast year weight below break-eveand are running about $1 or $2 higher this year, said Mr. Muir. Yields are expected to be down from last year's record yield of 450 hundredweight per acre, but with the higher prices, cash receipts should equal last years. obove-nome- DOROTHY ROSS ALDER, Vice President & Cashier JAMES E. BOLDON Attest: Correct GERALD S BELLON CLAIR F. RASMUSSEN A EQUITY The crop is rotated on a yearly basis with corn or other grains and is not the total livelihood of any producer in the state, said Phil Muir, sales manager for the Salt Lake City fruit Gneiting. That represents the fewest acres since 1975, when 1,300 acres bonk, do solemnlv Cashier, Dorothy Ross Alder, Vice President of my knowledge and SWEAR AFFIRM that this report of condition Is true ond correct, to the best of & CALL TOLL FREE Sail Lake City. UT 84102 state's total agricultural cash receipts. "Its important to quite a few farmers up here, said Box Elder County extension agent Ben Lindsay. It provides probably 50 or 60 percent of the livelihoods of those growing them. ar one-wee- seldom-see- are the culprit, said chief statistician Delroy Gneiting. Cash receipts to the approximately 100 Utah farmers who raise onions have dropped from $5.4 million in 1983 to $2.8 million last year and this year is expected to approximate last years total. The crop is one of the most volatile in the state and cash receipts have been as high as $8.7 million as recently as 1981. The crop is so weather-impacte- J.E1N6T0U? West German and Japanese officials said they saw no need to stimulate their economies, but news reports and unconfirmed rumors about qn impending round of rate reductions persisted. Aiding optimism on interest rates were some sluggish U.S. economic figures for July, showing a slight 0.1 percent increase in retail sales and a 0.1 percent decrease in industrial production. Many economists believe the figures will push the Federal Reserve Board closer to cutting the discount rate, the interest charged on Fed loans to financial institutions, for the fourth time this year in an effort to spur the economy. Some of the weeks gains were attributed to programs linked to stock futures indexes. Stock advances occurred through virtually the entire market. The Dow industrial average rose 72.98 points on the week to 1,855.60 in the biggest k surge since a 92.91-poirise the week ended March 14. In a g fice. Low prices Section B by onion-growin- 18, 1986 August "Our strategy group feels the economy is not doing what they feel it should be doing and the Fed is dragging its heels on another discount rate cut," Ms. Zagorski said. DUFFY8 But after peaking at 1,909.03 on July 2, the fall was sharp and swift, with the average tumbling to a low of 1,763.64 on Aug. 1 before turning upward again. That recovery accelerated this past week, as interest rates tumbled in the bond market on speculation that another round of coordinated rate cuts by the United States, Japan and West Germany was in the offing. By Eric McMullin Tribune Agriculture Writer Tim year's onion crop could bring tears to your eye. The crop is the lowest in 10 years and the 12 percent decrease in acres planted is the sharpest drop in all the states, according to the Utah Agricultural Statistics Of- WHERE IS MY JOB LEADING ME? presently have a ob. and maybe my income could be described as above average But where will be 5. or 10, or even 20 years from now9 Will be stuck in the same rut. doing want lobe in busthe samo )ob9 iness tor mysell, with the rewards that come from efficient management "I am willing to devote hours per week tor the next tew months to acquire the knowledge and got the training required to become licorised and appointed with tlie companies will be representing "I I I 10-2- 0 realize that I will keep my present ob during the next nine months while the company and look each other over. This will not jeopardize my present employ ment and at the end ol this time, it we decide that we should go our separate ways, there will be no hard teelings. "If we both decide to enter into a understand permanent agreement. that the company will provide me with an income guarantee for the first 2 years thereafter." "I Attend THE FARMERS CAREER SEMINAR to learn how this could be your first step toward a future with unlimited income and growth potential." TIME: 7:30 P.M., THURS., AUG. 21 PLACE: 3359 S. Main St., Salt Lake City R.S.V.P CALL , 4670 119 An Equal Olidodunity Employ, MiEml balances 1,000,000.00 LIABILITIES Deposits: a. in domestic offices (1) (2) I I Interest-beorln- - 3,472,000.00 Securities - 7,000,000.00 Federal funds sold ond securities purchased under agreements to resell Loans and lease financing receivables: $ 12,457,000.00 a. Loons ond leases, net of unearned income 125,000.00 b. LESS: Allowance for loon ond lease losses 12,332,000.00 c. Loons and leases, net of unearned Income, allowance, ond reserve . 1,217,000.00 Premises ond fixed ossets 94,000.00 Other real estate owned .31Q.QQQ,QQ .. .. Other ossets .. $26,940,000,00 TOTAL ASSET 22,196,000.00 $ Nonlnterest-beorln- 3,904,000.00 18,292,000.00 Interest-beorln- Federal funds purenosed ond securities sold under agreements to repurchase ............... Other liabilities - TOTAL LIABILITIES EQUITY CAPITAL Common stock Surplus Undivided profits ond capital reserves TOTAL EQUITY CAPITAL 1,705,000.00 J 'AJ.ZLWiMl 1,000,000.00 1,000,000.00 202,000.00 2.202,000.00 llmrted-llt- t LIABILITIES, preferred tock, ond equity capital j6.94flJftkgQ bonk do hereby declare that this Report of Lorry M. Gwynn, vice president, of the above-nameCondition ond Income hove been prepared In conformance with the Instructions Issued by the Boord of Governors of the appropriate regulatory authority and are true to the best of my knowledge ond belief. LARRY M. GWYNN, Vice President We, the undersigned directors, attest to the correctness of this Report of Condition ond declare that rt has been examined by us ond to the best of oor knowledge ond belief has been prepared In confor monce with the Instructions Issued by the appropriate regulatory authority ond Is true ond correct. FRED L. MURPHY P. ROBERT BENZLEY W.L. HOUGHTON TOTAL I, Directors STATE OF UTAH Department of Flnonckil Instttutlons do hereby certify that this Is o true ond correct copy of the I, Richard L. Burl, Chief Exomlner, statement of condition of the First Security State Bank, filed In this office August S, 1986. AVON T. FRANCIS, Progrom Specialist |
