Show Sunday1 January 12 2003 i A3 Local By Joe Rowley staff writer With stimulus economic policy coming out of Washington and a stock market poised for recovery representatives of Wells Fargo Bank were cautiously but decidedly optimistic about the upcoming year when they presented their 2003 economic forecast to members of the Chamber of Commerce Thursday morning New deficit spending at the nation- al level will add to the Federal Reserve's ability to stimulate consumer dollars apd a perception of high risk in the financial markets will actually make it a safer place for people to put their money die bankers said Thursday morning off of what economists soft patch at the call a end of 2002 the economy is still fragile said Spencer F Eccles chair- fourth-quart- er man of Wells Fargo’s Intermountain Banking Region For some time it has been stuck in neutral he said “I believe however that solid progress in our business environment "can and will be realized this year” he said “We believe the fourth-qua- rter soft patch is behind us Neverthe- less the nature of this business climate remains difficult and eco- growth will likely remain ten- Though 2002's economic indica- tors were grim compared with more prosperous times die year ended up being more of a success than the nomic community previously antici- pated For example the gross domestic product was predicted to grow by no more than one percent over 2001 It actually grew by 24 percent Unemployment nationwide is sitting at about 58 percent less than the projected seven percent The home construction market was slightly more active than economists thought it would be Consumer spending was spurred on in 2002 by low home mortgage auto rates and ing Eccles said but excessive ply and deflationary pressure — inflation over the year was only about 1 5 percent — worked to coun eco-Comi- ng zero-intere- financ-nom- st sup-uou- ic s” state and regional news teract that Looking forward to 2003 Eccles his confidence with the expectation that job growth Will con- tinue to be “disappointingly low” That is because recent improvements in profits for US corporations can be attrib1 ed to a focus on cost cut- ting and businesses will be reluctant to begin hiring again until they see substantial increases in product demand revenues and profits Nevertheless Wells Fargo Execu- tive Vice President and Economist for the Intermountain Region Kelly Matthews predicted that Utah will break into positive job growth by the middle of the year The Federal Reserve has done its part to stimulate spending by lower- - ing the federal funds rate to 125 per- cent Eccles said although he n’t expect rates to go any lower Lower interest rates would indeed further encourage spending but at the same time it would signal greater economic weakness Eccles said Instead he thinks the Fed needs the support of national fiscal policy “Obviously the level of interest rates is not our problem No one questions the Fed’s ongoing ability to create additional liquidity in the economy Stimulative fiscal policy is needed now to jumpstart private demand to use that liquidity for spending and investment growth” Eccles said does-chec- ks ‘ See REGION on All Three Logan businesses recognized for growth By Jeremiah Stettier staff writer Three Logan businesses have been named g firms among Utah's 1(X) fastest-growin- Inovar The LogoShop and Jensen Haslcm Architects were recognized Wednesday before the Logan Municipal Council as companies that have experienced rapid growth in staffing and revenue over the past five years The companies were judged out of a pool of more than (MX) statewide applicants according to contest organizer MountainWest Venture Group Each was deemed one of Utah's fastest growing firms Placing highest among the Ligar contestants was Inovar Inc an electronic manufacturing services company on the west side of town With roots deep in Cache Valley soil the firm has grown from l() employees to aimost 1(N) in just five years Blake Kirby Inovar president and a graduate of Utah State University said the company's revenue has climbed more than 9(X) percent since that time Inovar was ranked 3()th in the slate for growth Next on the list was The LogoShop a company that found its niche in custom watches at the turn of the 990s The business wxin grew into the apparel business with silkscreening and embroidery Finally it evolved into putting logos on everything from chewing gum to calendars to lawn chairs The LogoShop has grown from three part-tim- e employees in 1996 to a staff of 17 The company was ranked 61st in the state 1 rs 1 Eli LuceroHerald Journal See GROWTH on A12 FinallI ICUIV I Cache County schools react to possible bill 1 1 at Wellsville Elementary School slides down a snowbank at recess Friday a morning With snow finally falling on the valley many students are dusting off their snow gear Ty Olsen By Mark Randall staff writer If the walls of the old Oneida Stake Academy in Preston could talk they’d most likely tell the residents of Franklin County “Carpe Diem" — seize the day Moviegoers may recognize that line from the 1989 Robin Williams movie “Dead Poets Society” in which he encouraged students at a 1959-er- a preparatory school to listen to the voices coming from the faces in the pictures on the wall of past classes Carpe Djcm “That really is the echo of the walls” said Fred Woods a professor of Mormon history at Brigham Young University “It’s give it A bill proposed by Lehi Republican Rep Dave Cox to limit classroom sizes is a good idea in theory said Cache County School District Superintendent Steve Norton and although research proves that decreasing the number of students per class enhances the quality of education there just isn’t enough money in the budget “From how I understand it Cox would like to do what a lot of the rest of us would like to do” said Norton “His motives are pure but there’s not enough money in the state budget” Cox’s proposal would require 16 districts including Cache District to limit the number of students in all schools in order to receive slate money for school construction The $28 million distributed among the districts which comes from the state’s capital outlay foundation program would only go to those districts that comply There seems to be a misconception with what’ districts do with their share of the $28 million said Norton Cache District typically uses the $2 million they receive each year to help with capi- tal needs he said including repairing and main- SeeBILLonA10 er Oneida Academy’s forgotten voice By Holll Weiss staff writer taining the existing buildings The money doesn’t go to build new schools “We have never used that money for building new buildings” said Norton “We use it for the third-grad- all you got” Woods who is also executive director of the Mormon Historic Sites Foundation a nonprofit organization which raises money to save sites with connections to LDS history has been traveling the state lecturing on the history of the academy in the hopes of " drumming up support and donations to save and restore the building The Oneida Academy one of only two remaining original LDS church academy buildings still in existence is facing the ' wrecking ball unless supported can come up with the money needed to tnove the toric edifice to a church-owne- d park two blocks noth of the present site The Preston School District needs the land where the building sits for a new cafe-whiteria and school library his-Her- aJd Journal file photo Fred Woods a professor of Mormon history at Brigham Young University has been presenting on the forgotten voice of Preston’s Oneida Academy is scheduled to be demolished Volunteers trying to save the building have until March 14 to raise $25 million to move the structure They want to restore the building and renovate it into a museum or interpretive center for the Pioneer Historic Byway The byway runs through Franklin arid Preston and includes such sites as the Franklin Historic District Bear River Massacre site and the home and grave of LDS Church President Ezra Taft Benson Woods said the building screams out to be preserved “It’s the voice of a commitment to education It’s the voice of faith It’s the voice of integrity" said Woods “Carpe Diem Seize the day Do your best and leave a legacy” It’s an impressive legacy at that as Woods’ lecture “The Forgotten Voice of the Oneida Stake Academy” illustrates “The building was the educational and social heart of the community and served as the first recreation center” Woods said Built by Mormon pioneers between 1888 and 1 894 the Oneida Stake Academy was one of 3$ church academies built to provide both sedular and spiritual education Act Struggling with the Edmunds-Tuck— which was passed by Congress in 1 887 declaring children of polygamous marriages illegitimate and hindering the teaching of Mormon doctrine in public school — church leaders decided to create their own educational institutions to instruct their children in the ways of the church 127-mi- le er ch See ONEIDA on A10 |