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Show Serials Order of ttalvwelty 54x12 D pftrtneot Utah citj W SALT LAKE CITY, UTAH VOLUME 17, NUMBER 280 staff Federal Trade Commission lawyers have recommended that eight big oil firms be ordered to cut away half of their oil refining capacity on the East and Gulf coasts to increase competition in the oil industry. The attorneys have completed a Attorney General Vernon B. Rom-neannounced the issuance of several administrative subpoenas to require testimony concerning the activities of World of Fitness and its associated financing arm, Financial Enterprises. Based on numerous complaints received both by the Trade Commission and the Attorney General's Office and a subsequent independent investigation, there was good reason to suspect that many Utah consumers were in danger of losing the benefit of their investment as members of this spa and athletic club, which, for various reasons, has ceased operating in the state or providing the facility for the members who had paid for it. Attorney General Romney requested that anyone who bought a membership in World of Fitness contact Assistant Attorney General William T. Evans, Head of the Consumer Protection Division, or the Utah State y 328-644- 1. Utah Stars News March comes in like a lamb for the Utah Stars, but could go out like a lion. The Stars, who looked most impressive in a Feb. 28th victory over the Denver Rockets to snap a e losing streak, are idle the first three days of March, but then play 15 games from the 4th through the 28th, nine of them on the road. The nine road contests will be played from the 9th through the 24th, with only one home appearance scheduled during that period. Home games are on tap next week on Wednesday the 6th against the Memphis Tarns and on Friday the 8th 127-10- 5 five-gam- against the Denver Rockets. The Stars hope to pad their current e lead in the ABA western division race during that period of time as they then embark on a seven-gamy road excursion which could see them lose some ground to Indiana and San Antonio, who are locked in a dogfight for second-plac- e 9H-gam- e, 12-da- honors. The Wednesday game with Memphis will mark the return to Salt Lake of three former Stars involved in an early January trade with the Tarns guard Glen Combs and forwards Mike Jackson and Ronnie Robinson. The three were traded for Johnny Neumann. The Friday game with Denver will the Rockets trying to recover from last Thursday's defeat at the hands of the Stars and the Mile High City team also attempting to ward off the San Diego Q's as both clubs battle for the fourth and final playoff berth in the western division. At the end of February play the Q's had closed to within a of the Rockets. ' A special attraction at all three of this week's Stars' games will be quarter-final and semi-fincompetition in the "shoot for the Stars" run, dribble and shoot contest for youngsters aged 9 through 14. Winners from preliminary competition conducted from throughout the state will be competing e on the Salt Palace floor both and halftime Monday, Wednesday and Friday. lf al pre-gam- named The energy problem has caused much public concern over conserving fuel, particularly gasoline. Americans, greatly dependent on the automobile, are' becoming increasingly aware of the amount of fuel their cars consume. According to Jerry Hayes, former president of the Utah Auto Dealers Association, reduced speed limits have strengthened this awareness, making everyone feel directly responsible for conserving gasoline. Now with shortages in evidence across the country and the threat of impending rationing, many feel pressured to trade in their full size family cars for smaller, more economical models. This is evidenced by the recent upswing in sales of small cars. However, they are still many who drive the full size cars, with good Exxon, Shell, Standard of California, Standard of Indiana, Gulf, Texaco, Health Spa Activities game-and-a-ha- ge The complaint . Trade Commission, ?4 statement, including their for recommendations the divestiture, and delivered it to Donald Moore, administrative law judge in an antitrust proceeding against the oil firms. 141-pa- TUESDAY. MARCH 5. 1974 Auto Buying Trends SnUifils 5 Not Necessarily Better Large Oil Companies, Report Urges Break-U-p WASHINGTON (UP1) Atlantic Richfield and Mobil. The FTC staff lawyers are asking the administrative law judge to order oil companies to divest themselves of certain holdings in the interest of competition. His decision is subject to review by the FTC, and its final decision is subject to appeal by the oil firms, if he finds against them. reason. There are many logical and substantiated reasons for buying a larger car, not the least of which is safety. Interest Rates May Go Higher Naturally, the greater weight, better construction, and longer wheel base of a larger car provide greater safety. The relationship of size to safety is borne out in such developments as the improved bumpers required by government on new cars. And, as Edward N. Cole, president of General Motors, recently observed, the driver of a small car is at a disadvantage when driving in traffic mde up of big and small cars. The increased space and comfort afforded by a bigger car is a factor to be considered when buying. Obviously many families realize this since the If you are waiting for the interest rate on mortgage loans to go down before buying the home of your dreams youH have to be very patient because it may be a long time before interest rates drop any significant amount. That's the word from Del F. Stoker, president of the Utah Savings and Loan League. Members of the League are insured savings and loan associations which provide a large percentage of the financing for home purchases in the state. Mr. Stoker said now is as good a time as any to buy a home. It is certainly a better time than one or two years from now. Why? Because of a culprit called inflation. An article in Nations Business explained that the "real rate of interest" simply measures the cost of money after allowing for the loss in value caused by inflation. If this yardstick is used an 8Vi or 9 percent interest rate is a real bargain. "If inflation pushes prices up 9 percent in a year and the interest rate is 9 percent on a mortgage loan the 'true cost' of the money to the home-buyis zero," according to the article. If you take this 9 percent rate and deduct the 6 percent loss of value caused by inflation last year a home mortgage would have the "true rate" of about 3 percent. Thin is one third lower than the "true rate ' of 4.5 percent in 1951. As for the outlook, Mr. Stoker feels long-terrates may go higher because of the current escalation of inflation. suburban family 'tran sportation consists of a big American sedan or station wagon for faintly use ditionally, gas6TmeMlj of the least and a compact, subcompact, or small expensive factors in car nwnrWn A recent article in a daily newspaper import for commuting. The comfort factor takes on new brought to light the preference of a size significance with the advent of the 55 majority of police officials for full withstand can because cars cars larger mile per hour speed limit, increasing your time in the automobile. A family heavy usage without the maintenance of four or five will reach their problems of smaller, lighter models. Those who desire the benefits, of destination much more relaxed, in in time a comfort, more space, and safety can of having spent spite definitely have them withou car with adequate room for comfort. No Probably one of the biggest reasons sacrificing reasonable gas mileage. crisis how knows the one energy long for buying a full size car right now is the price. Recent panic buying of will last; however r big car owners and smaller cars has produced a premium prospective buyers needn't be rate for them, while the larger cars, in penalized for years to come because of lesser demand, are available at much a gas shortage today. lower prices than ever before. Additionally, Mr. Hayes stated, "The market demand for larger automobiles is returning. Within the last few weeks, resale values have been strengthened and will continue to improve as better weather for driving evolves." (See details page 4) While a smaller car offers better 55 mileage at any speed, the current limits render these savings sxiMmauciDif i mfOLSPce were. Ad typical Supreme Court Decisions Employment News For Weber River District The Weber River District employment picture brightened somewhat in February with the addition of 1,000 While only jobs since Construction, - The Utah Welfare Organization Rights petitioned the Utah Supreme Court for a discretionary writ of mandamus to require the Utah Public Service Commission to vacate its supplemental order of January 21, 1974, and proceedings leading thereto, or in the alternative to require the Commission to show cause why this should not be done. The January 21 supplemental order rescinded that part of a previous order which had included Mountain Fuel Supply Company's nonutility oil in its utility accounts. The petition alleges procedural due process rights were violated by the Commission. Such a petition does not constitute an appeal or invest the Supreme Court with jurisdiction or divest the Utah Public Service Commission of jurisdiction. The Supreme Court may grant or deny the petition in its discretion. Mountain Fuel Supply Company intends to intervene in the matter to oppose the petition and support the action of the Public Service Commission which the Company believes fully complied with constitutional and legal requirements. Manufacturing, Transportation, Finance and Service all remained quite stable since Jan10 to uary, and actually added from ' 100 new or recalled workers. The current total of jobs existing in the area is placed at 76,440. 'This is 1,540 higher than the total of just one year ago. All major industries in the District have grown since last February, except Government, but the loss in that industry is only 680, the deficit in many smallest months. A number of new manufacturing plants are being readied for production starts in the next few months in the Ogden area. White Motor Corp. and the Catalina Co. expect to begin production in early April, followed by a May opening for John Inglis Frozen Foods. The West Bend Company looks to a May or June opening, and The Bunker Ramo Corp., now operating in the Clearfield Freeport Center, plans to begin construction of a new plant in the Weber Industrial Park by late summer. At the time these new firms begin operations, over 300 new jobs will be created, with the potential of many hundreds of additional jobs as these plants move toward peak production. non-far- over-the-ye- U.S. TRADE SURPLUS HANGS ON ARAB OIL . m Mountain Fuel News Trade appeared to have ' decreased since last month, nearly all of the job gain centered in the Federal Government, and specifically the Ogden Service Center of the Internal Revenue Service, which is beginning to process 1973 tax returns. Peak employment at the center is normally reached in April of each year. mid-Januar- er SALT LAKE CITY AMERICAN NEW YORK International currency traders aren't imbillion the $1.7 (B) United states surplus for 1973 a pressed by dramatic turnaround from the $6.31 billion 1972 deficit, worst of .this century. The. recent floating of major foreign currencies, mostly downward in value, was done by the various governments for competitive international trade advantage. The UJS. dollar climbed more than 10 per cent in this action, which makes the goods of other nations cheaply priced. International traders say the shift in currency values wiped out most of the U.S. dollar devaluations and could create major problems for. the United States in its efforts to improve its performance. Another reason1 for the spurt in dollar values was the Arab demands that payments for oil transactions be made in U.S. dollars. Coupled with the decline in the economic confidence in foreign countries, the move into dollars was strong. It's noted that Commerce Department Undersecretary John Tabor cautions against overoptimism about the UJS. $1.7 billion ' trade surplus for 1973. He attributes it mostly to dollar buying by other countries to pay for Arab oil which may total an extra $60 billion (B) this year due to the higher prices. That-hugsum of money could have an adverse impact on U.S. export trade unless American businessmen do an "unprecedented job of exporting." And the higher value of the dollar would surely reduce U.S. export volume. Say Corifmerce Department analysts: the extent of the drop in export volume could be several billion dollars, making 1974 at least the second worst trade year of this century if present forecasts prove true. ; baiance-of-paymen- ts - m ar Unemployment remained at its January level of 7,700 individuals, or 8.1 of the labor force. A year ago ployment totaled just 6,240 people, ' which represented 6.8 of the labor force. Unemployment should work its way. down in each of the next three . months, as the area recovers from the winter season. Significant improvements will be made in the next 30 days in Weber River employment levels, and unemployment should drop substantially. Further hiring at the IRS Center will add to the seasonal recovery in other industrial segments, which normally gets underway in March. Last year an employment increase of nearly 1,200 was experienced between February and March, and could be duplicated again this year. |
