| Show Herald 4--The Jeernel Log Utoh Wednesday April 8 1171 Personal Finance Utah’s Banks Mobile Home Costs Add Up And Up Keep Economy At Full Speed age two-thir- ' Utah Bankers Anjciation members reported over 10100 mortgage loans totaling $277 million for the purchase or construction of residential property In excess of 47000 commercial and agricultural loans were made totaling 700 million dollars Approximately dollars Nearly snail 1IMM million in Savings account depositors received some $33 interest payments State and local governments also shared in the benefits from available bank funds with $5 million in tax anticipation loans and a whopping $200 million In interest on time deposits with Utah Banks Stockholders - SALT LAKE CITY First Security Corporation registered bankholding company held its annual meeting here Monday during which stockholders were given a detailed presentation of 1972 operations and a some steps going up to the - 1972 annual meeting took the following actions: directors JUST RETURNED from a visit to Mexico City and Aeapulce are Jack sad Tammie Sue Murray of Logan Jack was one of three Wholesale Distributors for Standard (HI Company of California's Salt Lake Division (Utah aid Southern Idaho) to wti a trip as a result of outstanding sales aecempUahments during 1972 in eampetitiea with 41 ether Wholesale Distributors The evening before their flight Jack aad Tommie Sue were honored by W E McKeuxie division manager and ether company officials and their wives at a dinner at the Alta Club in Salt Lake City mid-wint- Business In Brief NEW YORK (UP1 )— Zwicker Electric Co has obtained contracts totaling $2 million for electrical work on two apartment houses at Riverdale and The Bronx in New York City - ComBALTIMORE (UPI) munity Health Corp has obtained $19 million in new financing from Mercantile Safe Deposit Trust Co of Baltimore and DENVER - Clarcan (UPI) Petroleum Co and McCulloch Oil Co of Ios Angeles have formed a joint venture to explore for petroleum in western First National City Bank of Canada Clarcan will have a New York The company said 12' i per cent interest in the the proceeds will be used for venture general corporate purposes t - SEATTLE (UPI) Boeing air0 Co has sold three liners to Condor Flugdienst a West German charter airline for about $25 million Condor Flugdienst is a subsidiary of Deutsche Lufthansa 727-20- MIDLAND Tex (UPI) -Houston Natural Gas Corp has brought in a well in the Apollo 17 field in Winkler County Tex that flowed at 175 million cubic feet of gas daily from depths of around 16640 feet a Market Index Debra Obray AKRON Ohio — Logan High senior Debra Kay Obray has been named the winner of a Certificate of Merit and a $100 US Savings Bond in the Firestone Scholarship Awards fYogram She joins 203 other men and women who received certificates in the firm's program to provide financial assistance to the sons and daughters of Firestone employes who seek college educations The girl is the daughter of Kay N Obray Logan Her father works at the Firestone Store 310 North Main Street Logan - DC WASHINGTON National Gerstenberg's total compensation was $396 more than Henry Ford II board chairman of Ford Motor- Co received last year Both auto companies eifjoyed high profits In 1972— GM's a record $216 billion This was reflected in proxy statements mailed to stockholders in advance of annual meetings GM mailed its proxy statement to 1275000 stockhold- ers Wednesday asking them to elect 25 directors and vote on seven proposals at the annual meeting ta Detroit's Cobo Hall two-for-o- ne May 25 Two of the seven proposals on which stockholders will vote were submitted by the Ralph Nader-backe- d Project on Corporate Responsibility which in the past two meetings staged “Campaign GM" to push the company into greater social awareness GM directors urged votes against both proposals GM did not contest inclusion of either proposal One calls for GM to disclose any activities on behalf of political candidates and the other would require it to make public all details of any attempts the company makes to influence government policies GM directors said neither proposal should be approved claiming that the first is unnecessary because the corporation does not make contributions to political campaigns and the second “cumbersome" because communications between GM and government agencies is continuous at all levels The corporate reform effort by “Campaign GM" has in the past two years caused stormy and lengthy meetings— the 1971 meeting lasting a record six hours and 58 minutes just 56 minutes longer than last year's affair Gerstenberg's record compensation in 1972 compares with the previous record of $825000 paid to retired GM Chairman James M Roche in 1971 Gerstenberg in 1971 received a total of $747500 when he served as vice chairman Edward N Cole president of GM received $789974 in 1972— a 57 per cent increase from the $747500 he received in 1971 There were no bonuses paid in 1970 because of the strike by the United Auto Workers y Computer Is Unique i Calif - the costs are essentially equal there is more value for the expenditure with a conventional “Depending on financing the mobile arrangements home may be more or less expensive than the conventional house” the study concludes “The conventional house provides more durability ana space for about the same cost as the mobile home” ' Conventional house which provides more space safety And a‘ longer lifetime” i And at that the authors may have been conservative about the cost of the mobile model average-price- d of (wo years ago—then $6640 But —was a been getting bigTlDpir “12-wide- ’’ Opinions differ about the durability of mobile homes Depending on whom you're talking to expected life is seven to 15 years But there's little argument about the rate of depreciation since most dealers go by the "Blue Book” A mobile will lose 50 per cent of its value after years— and if you're selling to a dealer he'll knock about a third off the Blue Book price to cover his reconditioning costs and profit on resale “These cost analyses show" the authors of the OEO study conclude “that mobile homes are not sub less expensive stantially conover time than low-co- ventional st homes Although ger fast “Double-wides- " and expandable models have been accounting for a rapidly increasing share of mobile sales And the latest and big' gest design the 1971 in even “were gaining ground” the authors noted and they guessed that “as more states permit passag on their of the ways this width may come the dominant one” ‘‘14-wid- If it's a vine-cover- le that you've had your heart set on forget that price of $6640— especial- ly in 1973 the year when controls were lifted because inflation (somebody said) was now under control The ANAHEIM CONCERNED ABOUT LOGAN CITY PLANNING? You May 3rd 7:30 PM Logan City Court Executive Vice of National Small Business Association said Lewis said a recent survey of the membership of NSB comprised of over 40000 members representing 500 different types of business snd commerce placed excessive paperwork fix' government as one of the five major issues of topmost con- Resident the tremendous number of forms being required of the small business community” Lewis said “One of the most logical ways to reduce government spending is to first determine which reports are essential to the efficient functioning of government By eliminating creation of more and more government regulatory bodies the Ensuch as OSHA vironmental Protection Agency etc Lewis said “Paperwork for government goes hand ta hand with by over-regulati- government and until the trend is ravened it of unmakes no substantivq difference unnecessary reports necessary administrative costs whether the OMB or the Comptrollcern er-General are also eliminated” has jurisdiction Hie report of the Senate Smell One recommendation of the Either will have an almost Business Committee filed April Senate Committee deserves impossible job ta just keeping up 17 states there are over 5000 careful study before im- with demands for more and different types of forms ex- plementation Lewis said The more forms and reports” cluding those of the IRS filed for Committee has recommended “Computer technicians have government by the business that responsibility for reviewing an expression — ‘garbage in transferred from garbage out’” he said “What is community On filing the Report of all forms-bSenator Thomas McIntyre the Office of Management and needed is elimination (of the said that small business Budget (as provided in the 1942 garbage in government forms as a result of the paperwork for Federal Federal Reports Act) to and replacement by questions Which providing necessary and useful government is (frowning in a the Comptroller-Genersea of red ink imposed by a office of government has data The small business mountain of red tape oversight responsibility (s cogununity wmild support' that ‘lAs meftlbWl Q! thi busiriesi subordinate' to the central issue abroach to I1 information-collectio- n Advisory Council' bn Federal how to stop the fostered by Reports NSB has knowledge of number of reports that follow the (D-N- al efver-grbwi- Con- rapidly-expandi- medical-surgic- and al pulmonary The first system of its kind that utilises an arrythmia technique to minitor a patient's heart patterns and the repetivity of Ms pulse the Beehive MCS 100 can monitor the heart performance of up to 32 patients simultaneously The system can even be used to predict coronary difficulties Comprising a computer and five precision terminals one of which is portable for special bedside uses the Beehive system records stores and interprets data on patient's vital signs This information is either into fed the computer automatically via electrodes patient-connecte- serves the hospital's coronary care medkal-surglcand pulmonary aran sad wu developed by the Salt Lake firm Beehive Medical Electronics Inc A MEDICAL COMPUTER system recently installed at the Anaheim Memorial Hospital in Orange County Calif is proving to be great assistance to nurses and physician in helping deliver modem efficient patient care The unit al o You HEAR d and bedside monitors fo AND GENERAL AGENTS ’25000 por year opportunity wHing a tpetiatty line of life Inwronce Small poke! - NO COLLECTING - NO INSPECTION DEPORTS NO PHYSICAL EXAMS - in an eickmve f eld available to age 90 (We’ve been ioing it far more than 30 yearv For personal intervew appointment: CALL COLLECT: STANDARD OPTICAL WILL: TESTY our Hearing - No cost or obligation Recommend a hearing aid if you need help! Offer a Trial Rental Plan - Be sure before you decidel — Makes 20 different hearing aid models - for a broad range of HEARING IMPAIRMENTS Hearing Aid Counselor MR THOMAS SCOTT Northern Utah Arts Manager Will he in the Legan Standard Optical Stere Thursday April 26th from 9:00 AM to Noon! If you have a hearing invites you to come and art invited to CITIZENS MEETING John Lewis stantly improving patient care is the watchword at the Anaheim Memorial Hospital here ’This maxim was recently uiderscored when the 246bed Orange County medical facility unveiled a new $140000 computer system that is serving its unique Acute Care Center while the hospital's complementing streamlined surroundings Designed specifically for Anaheim Memorial Hospital by Beehive Medical Electronics be of Salt lake City the Beehive MCS 100 computer system is located on the fifth floor of the complex's new wing and serves the four vital aress of the Acute Care Center — coronary progressive care -- PRICES FELL eu the New York Stock Exchange Tuesday The Dow Jones average of 30 industrials closed at 94077 down 1460 (UPI) the Small Business In Red Ink Sea tion All earnings are reported after giving effect to a stock split of the corporation's common stock made on May 10 appointed by the Board of Directors As for total outlay — that is "cost of possession” which includes total interest charges until the loans are pa idoff— that's put at $25000 to $28000 for the mobile home $25000 to $27- lqpg-ru- n Utah Firm's He also reported first quarter unaudited net operating income before securities transactions of $3989835 or 71 cents per share compared with $3583032 or 70 cents per share for 1971 —Approved a restricted stock bonus plan under which stock bonuses may be granted to First Security officers and key employees from time to time in amounts and on terms and conditions to be determined by a Stock Bonus Committee to be Depending on financing arrangements the range is put by the study at $166 to $203 for the mobile $165 to $179 for the conventional house He Really Brings Home The Bacon - report 24 While that may sound like a modest initial outlay mobile home buyers discover that other items— similar to the closing costs on a conventional home— can add substantially to the purchase price Fees for credit checks sales tax the mandatory damage insurance add up along with “options" probably If you’d like to We Business And Finance the firm told stockholders earnings before securities transactions for 1972 amounted to $3 per common share compared with $2J3 in 1971 an increase o(141 per cent Earnings for both years is after providing for dividends on preferred stock Eccles noted —Re-electe- d FHA-insure- Small Business Association has commended the Senate Small Business Committee for its thorough study and report on the “Federal Paperwork Burden (The Effect on Small Business)’’ “The Senste Small Business Committee has faced head-o- n the waste of time and money particularly by the small business community in the filing of reports and forms for the Federal Government many DETROIT (UPI) General of which are duplicative unMotors Chairman Richard C or meaningless” necessary Gerstenberg was paid $874963 in salary and bonuses in 1972— the most ever paid a chairman of the world's largest corpora- George S Ecclea president and chief executive offl officer of the too— typical- ly five to seven years though it's true that for the bigger luxury models selling at prices up to $18000 lenders will extend the term to 12 or sometimes 15 'years on an d loan The down payment if your credit is good is typically 20 per cent 99 first-quart- er At Mobile home loans are for llerald Journal Reports To stockholders terest low-in-co- business loans 1973 method maxing a stated rate of 7 per cent actually the equivalent of 12 per cent simple “add-on- " shorter periods for house 000 $1-0- to begin with aren't financed like houses The financing is practically identical to an auto loan Interest is charged by the Interested in the potential of mobiles for solving the housing problems of rural families the Office of Economic Opportunity assigned a pair of research evaluators to the study The cost comparisons below apply to a mobile home selling at the industry's aver 11000 consumer loans totaled 350 million made available in some 1000 $40 million was First Security Mobiles Mainly accounting for the mushrooming sales of course is that the mobiles carry far smaller price tags than conventional houses— the kind that go on foundations But whether they actually cost less either in the long run or by the month is questioned in a government study just published The answer seems to come out According to the Utah Employment Security Council industry and business salaries totaled $149 billion The volume of dollars contributed to the state's personal and corporate growth through loans and interest paid to depositors as reported by the responding banks is more than twothirds of the VESC figure door for example that’s optional These extra expenses will typically add up to according to the OEO study Thus there’s more to be financed than just the purchase price and the high interest rate and stunt repayment period “make the monthly cost very high" the study notes For debt rep ment alone is not the wn story There is site rent— typically $50 a month though it will run as high as $150 in the luxury pans Utilities average $25 a month according to the study Add it all up and monthly cost of the mobile is generally as high as or higher than for the conventional house price $8640 and a $15000 conventional house If this keeps up everybody in mobile is going to be homes In the last year for which figures are available 1971 close to half of all the people buying new single family dwellings— 43 per cent of them—wound up in mobiles as opposed to conventional houses A compilation of recent report from member banki of the Utah Bankers Association indicates a cash Bow to the state economy of nearly $17 billion In 1971 Since the reports represent the activities of only of the state’s hanking institutions a projection of this cash flow well exceeds the total amount of cash contributed by sD business and industrial salaries within Utah during 1973 with the exception of farm and self employed incomes 1971 Robert Tilton HOWARD LIFE INSURANCE CO 1655 LAFAYETTE ST COLO 80216 DENVER our problem’ Mr Scott take advantage of FREE ELECTRONIC HEARING TEST Or give us a call and Mr Scott will come to you 1 15 N Main Phone 752-209- 2 |
