| Show 1 f! 4 I 1 r I t JL4LJ )11 Business Desk: IIIMEINE SJIMW117MM) 128 :::1 - -- NASIMO CONPOSfif ' 30 -- - INDUSTRIALS I 1 coma- - By Martin Crutsinger 84500 0400 j WASHINGTON — Federal Reserve Chairman Alan Greenspan let Congress know Tuesday he is not happy with the country's "disappointing" inflation and indicat- Record Earnings at First Security - T First Security continues to rewrite the record books as far as its quarterly earnings are concerned The Utah-basebanking corporation set another record with $2618 million in second-quartnet income That's an increase of $541 million or over the same quarter a year ago 261 This year's quarter represented the highest quarterly net income ever achieved by First Security It exceeded the record $2492 million previously earned in this year's first quarter and BRIEFLY surpassed 1992s record-settintrend — the most profitable year ZCMI Center will offer free histo- in the corporation's parking during the Pioneer ry officials said Holiday beginning at 7 pm r net income per share was( cents up 11 cents — Friday and continuing through Saturday The company is 208 — from one year ago available 2400 spaces making yr for and participants observers Unions Still Nenneeott in the Days of '47 Parade The state Street and 100 South enSeeking Middle Ground trances will open at 6 am ODD Continuing discussions between Kennecott Corp and its unions MR Advertising has opened an office in Washington DC limped along Monday and Tuesday with the procession of 17 in conjunction with the California-bunion locals making presentaased PBN Co The parttions to management about work-rul- e which makes the adnership changes they would like to vertising group one of the see included in any new contract largest in the West has named Neither side is talking about dePaul Nathanson as managing tails of the disputes But both acdirector 11&11 has offices in knowledge that the unions repreSalt Lake City Reno and Las d er -- ' I g 65-ye- ar 1 1 Second-quarte- senting seven international Vegas unions zre chafing at the com:lany's demand to scrap agreements that govern 14 work sites "They are still making progress" said company spokeswoman Alexis Fernandez Some 2000 union members covered by the agreements have authorized their negotiators to call for a strike but they have been reporting to work without a contract since June 30 '4 Dayna Communications Inc of Salt Lake City has acquired the EtherPort Macintosh Ethernet adaptor line under an agreement with Shiva Corp and Eagle Technology Dayna now has all sales customer service and technical support re- sponsibilities for EtherPort products ID Training $314 Corp has won a million contract with the US Department of Labor to oper- ate the Job Corps Center in Palmer Alaska The Ogden firm which already runs 24 other Job Corps centers will train the Chugach Development Corp on how to run the center er - six-mon- th - ' o An affiliate of Salt Lake City- based Questar Corp — Universal Resources Corp — has completed a successful production test of an Oklahoma development oil well test was completed A on the Bland No located in Major County in northwest Okla- homa Thelwell tested at 293 bar- rels of oil (43 degree API gravity crude) and 180000 cubic feet of natural gas per day The well has a 318 barrels-per-dastate al-lowable restriction Bland No located in Sec- was drilled to tion a depth of 9460 feet in the Ar- buckle formation It was perforat-ed from 9210 to 9220 feet and tested at a flowing tubing pres- sure of 1150 pounds through a 1164-inc- h choke Universal Resources operates the well and owns a 75 working interest D&I Oil Company of Enid Okla has the remaining in- terest Universal Resources has 100 working interest in three locations and offsetting additional drilling is planned for I of 1993 the second half Questar Corp is an integrated company based in Salt Lake City 72-ho- 1-- - - - 0 DD Skywest Airlines Si George reports passengers for last month with 139613 enplanements Thafs a 63 increase over the same period last year and 2000 shy of last August's record near-recor- d y 1-- - – ': – 000 Verse Books has Chapter opened at the Highline Plaza 2282 East 3300 South in Salt Lake City It is a full service general-interebookstore & pace-settin- al had to remain alert to the possibility that an easing could be undone by a flare-uof inflation expectations" p Greenspan noted that gold prices often taken as a signal of inflation concerns have risen sharply in recent months following worrisome consumer price increases from January through April "On balance the news on inflation this year must be characterized as disappointing" Greenspan said "The rate of inflation has at best stabilized rather than easing further" The Fed chairman said repeat er hm Wins found Venuti and Riley liable for damages that include $43000 Ruby's Inn spent in franchise taxes and an estimated $200000 in attorney fees spent by Ruby's Inn in r its effort to get the stock returned No punitive damages were awarded as the court could find no evidence that Venuti and Riley have personal financial worth "Venuti is a smooth operator and had many people even friends and church members believing we were crooks" said Rod Syrett whose family has owned the large motel restaurant and resort for three generations Venuti had countersued Ruby's Fraud Case Return of Stock four-yea- THE ASSOCIATED PRESS ESCALANTE — Ruby's Inn a rehistoric sort near Bryce Canyon National Park has won a federal lawsuit and the return of $1 million worth of its stock US District Court Judge David Sam in Salt Lake City ruled that ry Escalante businessman Frank Venuti fraudulently acquired the stock by promising Ruby's Inn owners that he could raise $10 million to $30 million through stock offerings in exchange for $1 million in shares Sam found that Venuti failed to raise any money and also failed to tell Ruby's Inn owners the attorney be provided for them to do estate planning — John Riley of Salt Lake City — represented Venuti's company Automobile Assurance Financial Corp Inc In his June 23 ruling Sam alleging the company Inn breached its contract by asking for return of the stock But Sam ruled that Venuti lied about intending to raise money for the inn and violated federal and state securities laws by acting as a stock broker without a license The 100000 shares constituted 9 percent of Ruby's Inn's worth when issued to Venuti Sam also ruled Riley breached his trust as attorney for Ruby's Inn by failing to disclose be also represented Venuti - li V 1 Because of a transmission error by The Associated Press the NASDAQ and Mutual Funds listings in Tuesday's Salt Lake Tribune were ing some heavily traded stocks and funds g five-ye- a fc N " & -- -- rtA I (e I:47W $' !Ipt I & - fix" edly in his prepared testimony and in response to questions that the central bank's primary responsibility is to "achieve and maintain price stability" In many ways the testimony was in sharp contrast to Greenspan's appearances over the past four years During those appearances he often cited concerns about weak economic growth to support a string of rate cuts that have driven mortgage and other interest rates to their lowest levels in more than two decades He released an economic forecast in which the central bank shaved its growth estimate for g I rr 4 - :‘ A v4 1 444 : ' 4 - - 44' -:- PARTICIPANTS RECEIVE '411 k111:1AV1' ! - k::- t By Timothy h (iP sIt 8 1 ) gP-- P -t c- (THIS IS : - AN EXCELLENT OPPORTUNITY To LEARN MORE ABOUT YOUR ASTHMA 1 5324526 - 8:00 AM TO 5:00 PM MONDAY THROUGH FRIDAY AAAA MEDICAL RESEARCH GROUP r 150 SOUTH 1000 EAST SALT LAKE CITY UTAH s in fact because Marriott stock has risen almost 60 percent since the split was proposed last October Bondholders come later The plan has shocked some bondholders — and triggered lawsuits because it would shift about $21 billion of Marriott's $3 billion in debt to Host Marriott Corp a real estate-baseoperation that is the weaker of the two newly created companies Even when Marriott tried to make the plan more attractive in March it added tough terms to convince bondholders that they'd SUN For someone with such choice words for attorneys Stephen F Bollenbach deals a mean hand of Lawyer's Poker As shareholders of Marriott Corp which was founded by Utah native J Willard Marriott prepare to vote Friday on the chief financial officer's plan to split the hotel giant into two companies the deal stands as a harsh reminder of corporate pecking orders Stockholders come first And they stand to make lots of money on the plan — they already have 300sh REILLY Quick Merrill 1 rrich Charles Schwab 2S1s1 $49 $82 $109 100 55 54 204 107 106 374 144 144 Fiddity d id CALL 1411te 800 Cltyt American Plaza 533-989- 3 II 57 Wes' 200 South $ Column I 9 1279 Serles A a Egarafteed klartgage Loan) (Federally Inured NOTICE OF PARTIAL REDEMPTION NOTICE IS HEREBY GIVEN pursuant to Article IV of the General Bond Resolution adopted January 181979 and pursuant to Article 11 of the Series Resolution adopted January 18 1979 that First Interstate Bank of Denver NA as Fiscal Agent has been directed to redeem $50000000 of the Utah Housing Finance Agency Single Family Mortgage Purchase Bonds 1979 Series A (Privately Insured or Guaranteed Mortgage Loans) in part on July 29 1993 at the stated portion of the principal amount thereof at 100 together with interest accrued to the date fixed for redemption °nand after the redemption date interest on such portions of the prirKipal redeemed will cease to accrue The Bonds to be redeemed are each in the denomination of $500000 and mature in each of the years and are numbered as follows Registered Bonds WW1 Yost of &Obit thiNtitt 917550CN3 917550CP8 1994 1995 917550CQ6 1996 917550014 917550CR 1997 D20011Mberl 5222 5462 5609 5728 5771 5833 5969 5994 6014 6147 6169 6254 6368 6571 1998 NO COUPON 917550CTO 1999 2010 9600 20531 11235 NO NOWA CALLED coma NOMA CALLED CUSP Number 917550CN3 Year at 1994 pond Principal beim ignointrand $500!) 35000 35000 RA49 RA-7- 2 $5000 3 35003 NO REGartnED aniatal CALLED 4 $5000 RA-6- 6 RA-6- 8 917550CP8 1995 9175590:6 1996 1997 1993 917550CR4 917593CS2 $000 2 $10000 $30000 8 1999 2010 M 2 RA-3- 8 $51000 3 $315000 REDEMPTION Under the provisions of the Interest and Dividend Tax Compliance Act of 1983 (the 'Acr') a Paying Agent may be obligated to withhold 31 of the redemption price from any Bondholder who has tailed to furnish that Paying Agent with a valid taxpayer identification number and a certification that such Bondholder is not subiect to backup withholding under the ACT Bondholders who wish to avoid the application of thfte provisions should submit a completed Form W-- 9 when presenting their bonds No-Fe- First Irterstate Eask tf CUM' LA as Fiscal Agent for the Utah Housing Finance Agency DatedJu1y11993 MT The numbers are included solely for the convenience of the Bondholder& Neither the Issuer no the Fiscal Agent shall be responsible for the selection or the use of the CUSH' numbers nor is any representation made as to their cortectnese on the securities or as indicated on arty redemption notice EXT 80114 Ste 102 Tel 801 B-- Utah Housing Finance Agency Single Family Mortgage Purchase Bonds QUICK& REILLY Salt See Payment of all Bonds to be redeemed will be made on and afterJuly 29 1993 upon presentation matured coupons attached thereto) at the corporate trust offices of: FIFA Interstate Bank of Arizona NA Corporate Trust Operations 1300 West Alameda Tempe AZ 85282 e Cash Management Insured Accounts up to $25 million by SIPC and Aetna Casualty & Surety If you have multiple IRAs it's easy to consolidate them at Quick & NEW BREED of BROKER' Reilly Call or stop by one of our 90 offices nationwide SAFMSUR NYSES1PC btformtiox not dvite 1 : and surrender of such Bonds (and any 000sli posh - 8 4 k 1 rates low NOTICE LS HEREBY GIVEN pursuant to Articte IV of the General Bond Resolution adopted January 18 1979 and pursuant to Article II of the Series Resolution adopted January 18 1979 that First Interstate Bank of Denver NA as Fiscal Agent has been directed to redeem $2356000000 of the Utah Housing Finance Agency Single Family Mortgage Purchase Bonds 1979 Series A (Privately Insured or Guaranteed Mortgage loans) in full cm July 291993 at the stated portion of the principal amount thereof at 102 together with interest accrued to the date fixed for redemption °nand after theredemption date interest on such portions of the principal redeemed will cease to accrue UP TO 8516 1 A Uride Range of Investment Choices induding USING INHALED ASTHMA MEDICATION ON A DAILY BASIS d ii "'IL0:s-- Service 0 AGES 12 AND OLDER rl44$ i bf - SAVE Personal One-On-O- ASTliflA - Commission Savings of up to 85(lii over brokers Unbiased Investment Information from top Wall Street sources s640 q:'i2 —- : 1 TO h441" t ahe All IRA for Vet and save you up to Only Quick & Reilly can offer a e 30 over Schwab and Fidelity And up to 85 over Merrill Plus if your broker charges a termination fee when you transfer your IRA to us we'll give you a rebate of up to $50t Join the over 725000 customers who have made Quick & Reilly one of the nation's leading brokerage firms Here are the benefits you can expect: lf deficit-reduc- J Mullaney THE BALTIMORE NOTICE OF 950 A If'itti I 4 040 01' - VOLUNTEERS NEEDED FOR INVESTIGATIONAL DRUG STUDtES one-ha- 917550C10 917550037 no-fe- a this year by percentage point to around 25 percent down from the 3 percent level it fore- cast in February The Fed also was less optimistic on unemplayment But Greenspan insisted that the economy is in a period of sustainable economic growth and not in danger of slipping into recession still if the Fed boosts interest rates it could spell problems for President Clinton who is counting on the central bank to offset the effects of higher taxes and spending cuts in his lion package by keeping interest Bondholders May Lose in Marriott Split 917550017 p ar m IMOIMISMIIIMEMEMAMI ASTHMATICS CAN RELAX AND ENJOY A BREATH OF FRESH AIR n Coupon Bonds i CORRECTION deficit-cuttin- deficit-reductio- n Acknowledging that policy S Utah deficit-reductio- g Key-Cor- change Greenspan testified Tuesday that it was prompted by worries that inflationary pressures and expectations of inflation were becoming embedded in the economy Addressing critics who blame the country's slowest recovery on d record to the Fed's monetary policies Greenspan insisted that the central bank "has even-high- d st 80-ac- re - OD D Hature's Sunshine Products Inc Provo is reporting record sales and earnings for the midyear and quarter periods Net income was $2 million or 17 cents per share in the quarter ending June 30 up 33 from net income of $15 year-agmillion or 13 center per share Sales revenue was $316 million compared to $247 million in the corresponding period of 1992 For the first six months of 1993 revenue was 32 higher and net income was 30 higher Questar Affiliate Hits 011 at Oklahoma Site City-base- m twice-annu- said Mr Barber who serves as deputy director of the Governor's Office on Planning and Budget He agrees with other Utah economists who believe Utah is somewhat insulated from interest-rat- e problems because of its robust economy Even if interest rates increased a bit they would do little to dampen the brisk construction industry which boasts a 15 growth in employment heard Mr GreenRep Bill Orton span's report firsthand A member of the House subcommittee on economic growth Mr Orton was one of 38 Democrats who voted against the president's bill because he believed it did not cut deeply enough especially entitlements He agreed though that the administration's determination to stay tough on interest rates and is reassuring "Now we have to do them" he said "And what I'm concerned about is that we do not have sufficient cuts and we have too many tax increases" He noted that both cutting spending and raising taxes carry the risk of depressing the economy so Congress faces a delicate job of finding the right balance A tax attorney Mr Orton intends to push for changes to the budget-cuttin- g plan that might curb spending more in the beginning of its term and increase taxes later "If we do this and nothing else" he said of the current budget plan "then it's really just a short-ter- Judy Fahys Words like "inflation" and "deficit spending" may have dominated economic reports from the halls of the US House of Representatives on Tuesday but they left Utah economists reassured rather than jittery Salt Lake Key Bank economist Jeff K Thredgold said Federal Reserve Chairman Alan Greenspan merely reaffirmed what many experts have been saying for weeks: The economy is growing slower than expected and nation's banks would respond to an inflation increase by raising interest rates "That's what they're supposed to say" comp mented Mr Thredgold chief economist for a national banking company based in New York In Utah and nationwide Mr Greenspan's message reassured financial institutions that the Clinton administration has no intention of going soft said Mr Thredgold Utah economist Brad Barber added that it was worthwhile for Congress to hear Mr Greenspan warn about the importance of cutting the full $500 billion in requested in President Clinton's plan The WO billion some are discussing stops short and threatens to slow growth even more he said "It is wise to pressure Congress to control spending and keep the deficit target where it is" ed the central bank stands ready to raise interest rates to dampen price pressures Delivering his midyear assessment of the economy Greenspan appeared to dash any lingering hopes that the economy's poor performance this year would prompt the Fed to cut interest rates further Instead financial markets and economists widely interpreted his comments as laying the groundwork for raising interest rates which the central bank has not done since early 1989 Some analysts predicted the Fed could begin pushing up the short-terrates it controls after Labor Day "Mr Greenspan threw down the gauntlet and said 'My job is to keep inflation under control I am going to fight inflation— said David Jones an economist with Aubrey G Lanston & Co Economists said the Fed chairman was using his report to Congress to let financial markets know that if inflationary pressures do not recede the central bank will move with dispatch to push rates higher Such a move was foreshadowed in May by a widely publicized leak s which said Fed had switched policy from a neutral stance to one that was leaning toward higher rates tight-fiste- & Management Second-quart1993 earnings for First Interstate Bank of Utah hit $32 million down slightly from $35 million recorded during the same period a year ago The bank also recorded earnings of $58 million down from $72 million a year ago Despite the drop from a year ago First Interstate's 1993 second quarter was 22 higher than the first quarter officials said By THE SALT LAKE TRIBUNE policy-maker- El Quarterly Earnings Fall At First Interstate Bank Greenspan's Report No Surprise to Utah Economists THE ASSOCIATED PRESS -- MaWimtieDtittitMMIMWNI ktA 136 Fed May Boost Interest Rates to Fight Inflation $3P190 S010 I 354478 950 607 ‘ DOW '1 70190 1 :- t- ti- -- 90t000MENSPW t 44731 WEDNESDAY July 21 1993 237-205- 5 r ol i ' - 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