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Show The Utah Enterprise Review , March 9, 1977 Page 2b The Economics of Physics Mortgage Office Could Cripple the Auto Industry have from and dealers to government regulations Opens Here Altitude at a meeting the Hi - I'm Thera Huish From Professional Personnel and were topics of discussion held last week with officials from the Environmental Protection Agency and automobile dealers. conference in Salt Lake The one-da- y was sponsored by the National Automobile Dealers Association to give regulators and Peoples National Bank of Washington has established a branch of its subsidiary, Peoples Mortgage Co., in Murray. Located at 535 East 4500 South in the Professional Plaza, the office is the first Peoples Mortgage branch in Utah. According to Branch Manager Rick Parker, the firm expects its major customers to be realtors. We chose this market because the real estate industry is growing so fast Parker said. He here, added the firm determined this was a good market after seeing the results of its long-terfeasibility study conducted by of Seattle. Peoples Mortgage Co. has branch offices in Colo- dealers an opportunity to air their respective feelings about the high altitude emission standards governing the car industry. Dealers are troubled by regulations which became effective on all 1977 model cars that require certificates of conformity stating the car meets the clean air requirements at higher altitudes (4000 feet) as well as at sea level. An EPA inspector, Tom Preston, explained air density at higher altitudes adversely affects the air fuel ratio, resulting in an excessively rich fuel mixture and emissions that do not meet minimum requirements of the Clean Air Act. m Our guiding policy is: If we wouldnt hire the person ourselves, we wont send him to you. Price-Water-hou- se rado, Arizona, and Remove Products from the Market And according to Max Lunt, executive vice president of the Utah Automobile Association, the cost of compliance with the law and technological difficulties encountered with many engines, transmission and gear ratios, will ultimately eliminate certain products from the market. Plain and simple, consumers will have fewer models to Oregon, Idaho. Washington Parker and the local loan processor both transferred to Murray from Phoenix, Arizona. The office has been open since February 24. Most fees paid by employee . will fewer choose sell. For example, Lunt pointed out the Honda Civic is unavailable in the Intermountain area, and the next model, which has passed EPA requirements, will cost $200-30- 0 more. None of the 300 to 400 C.I.D. Chrysler engines have been certified at high altitudes and neither has the Ford Granada engine with five speed overdrive. six-cylind- er Inequity results because a tourist can pull in with the very same car not available for sale here, as can a newcomer or college student with a brand new 1977 big Chrysler. Theyre within the law, while our own dealers cant offer these products for sale, he declared. The cost of certification is around $50,000 per model, Lunt estimated. The economics of physics dictate that not all cars can be certified at the higher altitude, he said. And in his opinion, the dealer and the public should not be penalized because they happen to live at a higher altitude. Auto Bootlegging Auto auctioning could provide a way around the regulations, Lunt said, but dealers would have to get into the bootbusiness to do it. It is legging conceivable a dealer could go to an auction Continued on page 8b Professional Personnel 220 Hast 3900 South 14 Call me for all your Personnel Needs Folbn ibe SOD. Bank News to Washington County... 268-980- Utah's Dixie. 0 perfect spot to thaw out a business meeting or take a sunbreak. Fabulous scenery, year 'round outdoor recreation. 4 great golf courses Write or call: Information Center, 97 E. St. George Blvd. A Thanks St. George, Utah 84770 801-673-36- Tracy Proposes Branch 71 Bank and Trust Co. has requested permission from the Department of Financial Institutions to establish a branch bank in the vicinity of 10600 South State Street, Sandy. According to the application, the population per bank office and the higher growth rate of the area would justify the proposed banking office. Tracy Collins Bank and Trust Co. has 11 branch offices, nine in the Salt Lake City area, one in Bountiful and one in Park City. Tracy Collins Unit Bank Seeks Charter AND YOU HAVENT GOT IT TOGETHER, AGAIN. For as little as $100 per year, well keep your books and records up to date, on schedule, and available whenever you The Department also received a request from Sandy State Bank for permission to establish a unit bank in the vicinity of 9000 South State Street. Named as proponents of the new bank are Ronald A. Carnago, Gordon H. Yates, Gerald Carnago, Lewis H. Gammill and Lee E. Gammill. They propose initial capitalization of $750,000. An economic study accompanying the application states Sandy does not have a locally chartered unit bank. The study also states the new bank would not materially affect competing banks as primary sources of new deposits and loans are anticipated to come from future population and businesses. The study shows 1230 building permits were issued in Sandy in 1975, and 1441 permits in 1976. Projected population in the next eight to ten years is 110,000, compared to present 35,000. need them. Dont let Uncle Sam catch you off guard next year. Be ready for him, and call us today. (801) 322-329- 4 S&L Branch Sought in Orem United Savings and Loan Association has received permission from the Department of Financial Institutions to establish a branch office between 800 North 1200 South in Orem. FOREMOST BUSINESS MANAGEMENT 345 South State, Salt Lake City, Utah According to Paul Neuenschwander, mortgage production supervisor, negotiations are now underway for land and building facilities. At this time it is not known if United will own or lease the building. Neuenschwander indicated they hope to have the branch open in six months. |