Editor's note: The first issue of the Alaska Journal of Commerce was printed 25 years ago, on Feb. 14, 1977. With the trans-Alaska oil pipeline nearing completion, those were heady days for Alaska businesses and the state's economy.
The original masthead listed Philip A. Ramos as publisher and Bert Tarrant as managing editor. The paper has changed hands several times and is currently owned by Morris Communications Corp.
The top three stories from that first issue are reprinted here, in part. What's striking about them is not how different they are from today's news, but how similar.
Survey shows Kenai wants growth
KENAI - Residents of this community are more supportive of further petrochemical development than residents of the Kenai Peninsula Borough's other four first-class cities, according to a report scheduled for release later this month.
Conducted by University of Alaska's Anchorage Urban Observatory for the borough with funding from the Outer Continental Shelf Impact Planning Grant, the survey of Peninsula residents was conducted during September and October of 1976.
Results of the study show that the petrochemical industry finds its most solid base of support for future development in the cites of Kenai and Soldotna, while the least support for further oil and gas related development is in Seward. Homer and Seward tend to favor increased fishing and fish-processing development.
Valdez bonds hit market
A $262 million bond offering by the City of Valdez to partially finance construction of the trans-Alaska marine terminal has been exceedingly successful.
Underwriters for the tax-free municipal issue say the Marine Terminal Revenue-ARCO Pipeline Co. Project Series 1977 bonds were almost sold out within four days of their appearance on the market Feb.7.
Investors will receive 5.94 percent interest on the 25-30 year term bonds.
"The issue was over-subscribed almost immediately," reported one broker. "Most of the bonds are being purchased Outside, but a small amount were picked up by Alaska investors."
Issuance of the bonds is designed to provide funds for the purpose of paying ARCO Pipeline Co.'s share of the estimated $1,210,300,000 cost of the terminal project.
Following preliminary planning for the offering, Valdez voters in October of 1974, approved the general concept of issuing revenue bonds for financing terminal construction.
Nearly a year later, in September of 1975, voters approved amendments to the City Charter facilitating the bond sale.
BBNC leaves Westward in dark
Although sale of the Anchorage-Westward Hotel has been under negotiation for some time, the situation now can be considered a classic example of the left hand not knowing what the right hand is doing.
At least for the next couple of weeks.
By March, however, Bristol Bay Native Corp. is expected to assume ownership from Western International Hotels.
Noble Dick, vice president-finance for BBNC, said last week his corporation is very close to closing the deal which would place the state's largest hotel under Native control.
"The closing should come sometime in March," Dick said.
Meanwhile, over at the Westward, director of sales Pat Mullin said he's received no word about the sale and his staff is presently "selling extra hard to let customers know we're still a Western International Hotel."
Bristol Bay is currently making mortgage arrangements with the Bureau of Indian Affairs and two insurance companies, Dick said.
