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Show Telemarketing Firm Proposes a New Branch in Provo Irovo By Steven Oberbeck Tribune Staff Writer Officials of Nice Corp an Ogden-basetelephone soliciting concern, enlisted Gov Norm Bangerter Tuesday to announce their projections that they will be employing up to 800 people in Provo within a year But Brent Welch, executive vice president of the telemarketing concern who responded to questions from reporters, said the 800 jobs were actually only part time and pay just slightly above minimum wage, or around $4 an hour At a news conference Tuesday on the east lawn of the Governor's Mansion. Mr Welch said Nice Corp has just opened its third Utah facility in and is currently employing 50 "We expect that number to increase to 300 by the first of November," Mr Welch said, adding the company projects it will be employing around 800 people part time within a " year once it is fully geared up Mr Welch described Nice Corp as " a "contract driven business He said of the number that means people the company employs at any one time depends upon the number of contracts the company is able to secure Nice Corp employs on average 1,200 people in Ogden and another 500 in Salt Lake City, according to Mr Welch He said the number of people actually working at any one time in as the olfu an bargaining agent Ogden fluctuates around 1,200 some several hundred people ' We haven't been down around 400 people in Ogden for well over a year." he said The jobs in Irovo are exported to be filled primarily by college slu times people Howevei the companv and union failed to rear her' agreement on a coil tract and trie companv does not now consider the union as repiesenting the workers aw or ding to Mr Welch We gave the union and the NI RB a copy of a pi tit, on signed by the ilia jority of our workers indicating they did not want union iepiesentution. Mr Welch said alter the news confer- by dents Provo Mayor Joe Jenkins praised the company s decision in selecting Utah County as the site for the new office "We think it will be very profitable for them and for us," he said ence Pat Hamilton the business agent for Teamsters Local 976 in Ogden, said the union has never received a copy of the petition "I have no comment on that Mr Teamster Local 976 has been struggling for well over a year to organize Nice Corp s workers in Ogden The election over a year ago and was certified by the National Labor Relations Board union won a certification Welch said Linda Borel compliance officer with the NLRB received a copy 1 1 The NLRB initially ruled in favor company but the union has appealed, she said First Security executive vice president Elmer Tucker responded Tuesday that First Security, the area's al- five ;essions The bellwether Treasury bond, down about $7 for each $1,000 in face value on Monday, surged up by lz points, or about $15 per $1,000 in face value The yield fell to 7 48 percent from 7 60 late Monday Firm, Gains occurred in volatile but relatively quiet trading Bond prices had been falling in recent sessions because of what many investors perceived to be signs of higher inflation, which would push interest rates higher Prices of precious metals, which are regarded as an inflationary hedge, have been rising steeply in recent weeks, and crude oil prices also have been strengthening But several analysts said the market was sharply oversold, and investors realized that economic fundamentals did not justify such a sharp downturn "I think there was an expectation that the run up in commodity prices is over, and that inflation is not quite the problem it was built up to be over the past week or so," said Harold Nathan, senior financial economist for Wells Fargo & Co in San Francisco Nathan said the recent run up in interest rates appeared to be mostly speculative, and rates should continue volatile swings in the coming weeks as further signs of the U S economic condition are played out Steven A Wood, an economist for Capital Markets Group, also said the 5G price drops of the past week had raised yields to a point that enticed more foreign investors to buy Treasuries Wood also said some investors may have been encouraged by a report that Japan's economy grew at an annual rate of 3 6 percent in the second quarter, compared with a projection of 4 percent for the full year That increased speculation the Japanese would cut their interest rates to stimulate their economy and the Federal Reserve Board would follow in this country In the secondary market (or Treasury bonds pru es of short term governments rose in the range of s of intermediate maturities rose to seven eighths, and 20 year issues were up about and according to the investment firm of Salomon Brothers a point seven-sixteenth- s 1 Inc The movement of a point is equivalent to a r hange of $10 in the price of a bund with a $1 000 fare value Shearon Lehman - Ilailv Trea--ur- whuF measures pro e movement' or) all outstanding Treasurv issues with maturities of a year oi longer rose 6 92 to 235 77 Index Bond 1 industrials hcav v tr tiling In roiporate trading ifu ee quai t rs in arid utlllMes lose one half r OM- m light trading Among tax exerrit municipal bririds general obligation' rose three eighths and dollar bonds mie up point I railing was n.odt e a s' Yu Id . or three II,,, Ml, I I bill' were down r, b SS po basi - p.iiri' I' ( ',t pi dn d'h of a pi m rii a t ,' 111 I w oil project, has turned back Oil shale has a will continue to ture great future and hare a great fu- mittee lre money has gone into the ground than has ever come out Brigham Young By Robert H Woody Tribune Business Editor Who knows' The talk about an oil shale industry has been going for almost a century But for now, its nearly kaput Nevertheless, just in case there is another crisis. White River Shale Oil Corp facilities 50 miles southeast of Vernal will be on standby. Under an agreement announced Tuesday, White River will turn over $40 million in facilities to the U S Bureau of Land Management That includes a mine service building, office, storage and warehouse space, water treatment plant, sewage treatment plant, retention dam, mine shaft and a near mile-lonmine decline This was only the start on a billion-dolla- r 15,000-barrdaily demonstration plant to be completed this year or next And if that went well White River was considering a $3 billion to $5 billion plant operating by 1993 But all did not go well and oil shale venturers, after spending millions, began backing out First to go was the mighty Exxon g Corp which, with its partner Tosco Corp tossed in the towel in August 1982, at its Colony Project in Colorado RRf f , Hr , , TRAM- V ! t I, ' r ' . N ' I i , , , f t pvg' t v , ' i ' . a - Earn 6 o ft I' e totype tract, three times more than the second highest bid from Occidental Petroleum A month later, Phillips. Sun and the The Standard Oil Co bid $45 million for the adjacent 5,120-acrUb tract The tracts were then consolidated as a single venture of the parties under the consortium name White River Shale Oil Corp But delay, energy price fall-of- f and inflation finally took their toll In 1 e Robison Market Dips in Third Straight Session. Turns Sour After Strong Opening Hell NEW YORK (AP) The stock market had a third straight losing session Tuesday after a strong tone at the opening soured The Dow Jones average of 30 industrials tell 4 50 to 884 14 Buyers at first rallied to the and the Dow Jones industrial average spurted more than 12 points during the morning on W all Street But the buyers lost mien-sand 1 t r,a k Fiji indie a'or puie-a' it ha- - ear h session sire c last Ihursdav when it reached a re-ord closing high of 919 71 Volume on the New York Sot k h.xi harge shrank to 137 32 million shares from 153 30 million Mon day The NYSE s r ompo ute n of all its listed r urnrnon s'oi ks fell bv 0 35 to 142 07 Standard &. Poor s null i,f pin the blue c t 1 di-- industrials fell Si.Ps w as of f I'ompositc index 6 at i) 4 to 274 41, and 0 60 3"(i st or k Invcs'oi., anxious for a hiai k and ,ind white i (solution' were likely to tool un alisfit-- because wus a terribly gray Tuesda. aid Hugh Johnson senior dav 0 First Albany vire prisefi-nt Corp Some of the confusion is over what interest taes and intlaiion will do in he future nr-a- t mdu it .oil' Ri v ir.g ei oranoic aft it of ; ? w dim b w i r i 'ii g t , i i ; jl Ri on 'five n t a'v s s, ai i v v i i t i ,t r on Id r r i, at j k Boar d un ,100 m The company consisted of nothing more than forged corporate documents. falsified balance sheets and photographs of actors portraying fictional corporate officers, the FBI agent said The stock sold for as little as 12 cents a share in January and as much as $3 a share in April. Irosecutors declined to estimate the total value of stock sold, but said it was more than $1 million A Marshall A major Zolp of Alpine, N J , allegedly printed the phony stock certificates, allowing the conspirators to sell as many shares as they desired Prosecutors planned to ask that Mssrs Formato and Zolp be held without bail. Mr Greelish said The defendants mounted a publici ty campaign touting Laser Arms as can the producer of a that purportedly had been patented and was ready for marketing, Mr McGinley said The investigation opened in January on a tip from an informant t Morris County authorities and was conduc ted by the FBI Internal Revenue Service, Securities and FJxchang' Commission, New Jersey state police and the Morris County prosecutor s of fu e. Mr Greelish said Mr Greelish said federal preset u tors believe New Jersey has been ' refuge and haven for securities uw violators A man was arrested in Salt Lake City Tuesday on charges of participating in a scheme to sell shares of phony stock in a fictional company that claimed it was producing a beverage can John Richard Marcolmi and 13 others were named in federal arrest warrants for their alleged participation in a scheme to sell 900,000 shares of phony stock in a company called Laser Arms Inc The codefendants in the case are from New Jersey, New York and Co- lorado Mr Marcolmi was arrested by FBI agents Tuesday at The Residence Inn, 765 E 400 South It does not appear that Mr Mar-coliwas a long-timresident of Utah said Lou Bertram, special agent with the FBI office in Salt Lake City He just happened to be in Salt ' e Lake g City Mr Bertram said Mr Marcolmi is scheduled to appear before the US Magistrate in a detention hearing Thursday to determine whether bond should be set The US Attorney in Newark N J where the arrest warrant originated, has recommended a , $50,000 bond The defendants were charged in the arrest warrants with conspiracy to roriirnit securities fraud mail fraud, wire fraud and obstruction of justice said John C McGinlcv specs . agent in charge of the Newark offu e of thi What that tills vou 1' tfiut ttu n - j lot o r onfusion out t.6i re III aid the FBI Agents Arrest Suspect In Counterfeit Stock Scam F BI Lorenzo Formato ternational Trade NJ operator of Management One of my priorities In- in was a used of masterminding a plot in which gullible Andover investor' were persuaded to buy 906 000 unreglstr red shares of stock in Laser Arm-- , Mr M Ginlev said his r om tan , a t said to fnii-Thomas Gri eh 6 1 , I h i start itious f rum Altorm y )'-rio- S v ew downtown o?e Tunex . . . Convenience, Quality, Customer Satisfaction C ; i ' ,i in r r :,r o O i J 0 r , J i 0 ft 7 i.t. J ' f l ''I i ' fl'lfy ' HALL SFRCCF CFNTER 304-333- 9 r j I ,, SOCIAL f n 1 1st and 2nd Trust Deeds ' wfur, as US attornev w.n to dress securities fraud in Nr w ,le: he said The FBI of fir cs ,ii Sj.', sey Lake City and in Newark said tha' Superior Marketing Research Corp a a Lake City based over-t("unter firm that says it is ounce!. ng a beverage device, ;f t appear to be involved with Bit 14 defendants in on t r, y pro- jected costs, tne partners mothballed the project after spending more than $100 million Last year the parties took write downs on their unrealized investment "We would have liked to see White River continue to develop the leases." Mr Robison said However, with the options available to us. maintaining the properties was preferable to dismantlement and rehabilitation " Strong support for maintenance came from local residents and Utah's congressional delegation, he said The agreement gives the BLM flexibility to maintain the properties until interest in oil shale development regenerates The properties also may be available to universities and similar organizations for research White River F.js been very cooperative in working out this agreement It would have been easy for them and us to simply close things down, dismantle the facilities, seal the mine, and re lairu the area, but that may not be n, the best interest of everyone in the ong run," said Mr cause asset quality indicators at the bank have not improved as rapidly as anticipated, and that the economy of the bank's operating areas continues to suffer greater than average pressure Mr Tucker replied that while First Security had not made major progress in reducing its assets and that the Intermountain Area is continuing to have economic problems, "our capital ratios are exceptionally strong, and our liquidity position is best in several years," First Security contends that only not $270 $105 million in securities should be involved in the million review, he added. Moody's, he said, apparently had not taken into consideration that First Security has paid off $147 million in commercial paper debt and also $18 million in long-terdebt. First Security has sold its mortgage servicing portfolio and moit-gag- e companies, he said, which has allowed it to pay off a total of $300 million in debt and strengthen its reserves for losses by about $39 million. 0 1 , I', ' M,;i , z. A ' ' ' A ' i t " t A M I, r . oj ' 0 n iDp1 i"i M f vious October, OPEC had embargoed oil shipments to the United States and quadrupled the price of oil The U.S. industry optimistically forecast a plant in eastern Utah by 1978 at an investment of $250 million Sun Oil Co and Phillips Petroleum Co on March 19. 1974. bid $75 6 million for the Ua 5.120-acrfederal pro- blur-chip- s The key to maintaining White River s investment is a million dollars it will put into a bank account according to Roland Robison BLM state m re tor in I tdh The BLM w ill th r. e the interest inrome to defrav (O'Y of n.aintc-nan- r e and sec urity If ever it be ornes r i rtain oil shale development or other benefit oil use IS not Viable the FILM will U'f me million dollar pnntip.il to ro burn the ai ea he s,ud hi r xr h.inge for W lute River s mil lion the BLM will release V, hue Riv tr from an, li.ibiluv and obligation af ii tied to i he wo ffdi r j fir or o' pi It e Is Wfiti River pnmipuls biddirK in March go' iii ornpi-iit.v:'."4 om- .Mil u'gi r.t d - in the n 538-252- Art 1983. then looking at $2 billion Yun Wright, former member of the the Oil Shale Advisory Com- largest financial services firm, does not feel a downgrading is warranted. which Further, he said, Moody's reviews First Security one to two times a year may not be up to date on recent steps the $5 3 billion-asse- t First Security had taken to strengthen its balance sheet Representatives of the New York-baserating agency will meet with First Security officers Sept 30 in Salt Lake City. Also affected, said Moody's, is the A3 subordinated debt rating as well as the the Prime 2 commercial paper and rating and the AI long-terPrime 1 short-terdeposit ratings of the subsidiary First Security Bank of Utah. N A About $270 million in securities in all is involved, the rating agency said It said it was taking the action be d and Dotvn the Street: While River To Keep Oil Shale Plant on Standby Pacific Rim Mortgage See your yellow pages for your local dealer $40 mil- - Up AMIGA COMPUTER lion in facilities to Bureau of Land Manag-shal- e ment. It also set up a maintenance fund. hich invested more $100 million in ! r : 13 Page Moody's Investors Service Inc said senior debt rating of First Security Corp, Salt Lake City, under review for possible downgrade though traders and analysts characterized the gains as a technical rally of the past in reaction to the sell-of- f Th- B it has put the A2 re- three-eighth- 1986 10, ber Morning-Septem- First Security Calling Review Unwarranted fs of a point to 1 of the Section Investors Respond To Past Sell-Of- BankAmerica 1 er ed by the NLRB Wednesday Bond Prices Rebound about Mr Welch said the state deserved credit for supporting the company in its decision to remain in Utah Clark Ivory, public information officer for the Utah Division of Business and Economic Development, said the slate participated in the announcement as a wav of "patting the company on the back and letting it know that we appreciate them staying in Utah don't think that we could say that we did a whole lot for them They already had their minds made up to stay in Utah But Larry Goldsmith the division s business retention program director was in contact with them and know that at one time he provided them some information on the bus lines," Mr Ivory said Nice Corp which the company represented was signed by a majority of its workers "It was an informal petition and don't know whether the majority of workers at Nice signed it or not," she said And although Mr Welch, said that "as far as know there are no unfair labor practices charges pending Baragainst us with the NLRB, Ms rel said there is one allegation that the company failed to bargain in good faith with the union still being consid- Business By Bill Menezes AP Business Writer NEW YORK Bond prices bounded sharply on Tuesday, in Denver, said she of a petition from i l j is a he, no ,1 ... ; f hllOMr S r '.ifu, i |
