Thi Sjli Stocks Make Late Climb lake Tribune i . Janujr Wednesday, Ii9 18, l'Mtl I To Emerge From Slump Volcker to Be Lead Actor in Solving Federal Deficit - NhU YORK (AP) The stock market staged a late advance Tuesday to emerge from a slump as the outlook brightened for improved corporate profits T(te Dow Jones average of 30 industrials, down in five of the past six sessions and off 11 72 points over the previous two trading days, climbed 3 87 to close at 1.271 46 About nine stocks rose in price for every seven that fell on the New York Stock Exchange. The NYSE's composite Index of all its listed common stocks was up .30 at 97 05 Digital Equipment continued to be a star performer, up 5 at 90-i- , following a lOVpoint spurt over the previous two sessions. Last week, the computer maker issued an earnings estimate well above analysts' expectations. The Conference Board said a record 75 percent of the executives it surveyed late last year expect improved profits in 1984. Meanwhile, fears of rising interest rates appear to have faded, analysts said. FJdon Grimm, a senior vice president at Birr, Wilson & Co., said government reports indicating a slowing of the economys growth rate relieved fears that the Federal Reserve Board would adopt a more restrictive policy, pushing interest rates higher, in an attempt to prevent a resurgence of inflation. Commonwealth Edison topped the active list as of the 4 pm. EST close of the NYSE, up 1 Vs at 23 in trading of more than 3.75 million shares. Walt Disney Productions fell 1 to 52Jf following a Supreme Court rejected the companys clafiiand held that use of home recorders to tape television ah oi3 for private use does not copyright law. Sony, a leaflSSg maker of videotape was unchanged at 153r out RCA rose 1 to 37. Board volume totaled 92.75 miQpn shares, against 93.79 million Monday. Nationwide turnover in NYSE-liste- d issues, including trades in Spse stocks on regional .ex- at vid-eotjf- re record-mgjrouipme- lg fiiennzoil Suit Challenges Getty Merger SEW (UPI) - Pennzoil Texaco suitor Co.the YORK Inc.'s in spurned $9 9 billion pact to buy Getty Oil Co., Tuesday filed a suit chal- lenging the largest corporate merger in U.S. history on antitrust grounds. Texaco was lured into the ring by dissatisfied Getty management, who believed Pennzoil's tentative agreement to buy a 43 percent in or $112.50 a Getty for $5 3 billion share was too low. Texaco upped the ante to $125 a share for 87.4 percent of Getty stock and signed a formal agreement to acquire the 16th largest U.S. oil firm. In a suit brought in the U.S. District Court in Tulsa, Okla., against Texaco and Getty, Pennzoil charged that the proposed merger violated federal antitrust laws. Pennzoil, a relatively small oil firm based in Houston, claimed in its suit that the Texaco-Gett- y combination would touch off a wave of large mergers and acquisitions in the oil industry and further concentrate economic power in the hands of a small number of giant oil companies. Pennzoil asked the court to block the transaction, which would make Texaco the nations second largest oil company with assets of more than $37 billion and annual revenues exceeding $58 billion. The Pennzoil complaint also charged that Texacos purchase of Getty would substantially reduce competition in refining and marketing of petroleum and petroleum products and in exploration efforts, particularly offshore." Last week Sen. Howard Metzen-bauurged the Federal Trade Commission, which is conducting the federal governments investigation into the Getty takeover, to oppose the merger as blatantly Last week Pennzoil brought a suit in "pelaware Chancery court demanding that Getty honor the tentative agreement between the two by companies that was Teweeos sweeter bid. In the Delaware suit, Pennzoil specifically asked that Getty comply with a pledge to give Pennzoil an option to buy 8 million Getty shares at $110 a share. pre-empt- By Jerome Cahill New York Daily News Writer WASHINGTON Mounting evi- The Market In Brief New York Stock Exchange Jan. 17, 1984 UP 894 VOLUME 0 "shares 92,750,000 ANGED 436 V ISSUES TRADED 2,067 DOWN 737 NYSE Index S & P Comp Dow Jones Ind 97.05 0.30 167.83 0.65 1,271.46 4 3.87 - The Environmental Protection Agency Tues- day delayed, until the 1987 model year, the effective date for more stringent standards for exhaust from diesel cars and light duty trucks. EPA Administrator William Ruckelshaus said the agency didnt feel the technology was fully ready to be mass produced and installed on vehicles. Current standards, that went into effort in 1982, allow release into the air 26 grams of particulate per nnle Hret was supposed to be reduced i dence that President Reagan and Congress will do little except jaw abnut the federal budget deficit until after the November elections brings Paul A Volcker and his colleagues at the Federal Reserve Board back to center stage as tne principal actors in the management of our economic future Its hardly likely that Fed Chairman Volcker relishes the position. If it isn't exactly a "no win" situation, it's at least an extremely difficult one, with monetary policy assigned the task of countering the effects of a highly stimulative and expansionwhile keeping ary fiscal strategy the economy growing at a pace at the same time and a far tarists were surprised deeper recession than anyone expected The economy here and abroad teetered on the brink of a slide into worldwide depression, in the opinion of some experts, until to the Fed shifted gears m an easier policy. mid-198- market, totaled 111.36 million shares. Standard & Poor's index of 400 industrials rose .73 to 189 19, and k S&Ps composite index 500-stoc- was up .65 at 167 83. At the American Stock Exchange, the market value index was up 17 at 227 08 The NAS-DAcomposite index for the market closed at 286 86, up .57. cent rate to 7 75 percent by the end of the year. But the Fed is worried that the recovery may be even stronger than that, causing a resurgence of inflationary pressures Its experts warn that the money supply has been expanding at an uncomfortable pace since the policy shift of and would like to see the Fed return to its 1979 strategy of fighting inflation by gradually reducing the rate of monetary growth. Action by the White House and Congress to bring the deficit under control would make the job a lot easier, by reducing the prospect of a sharp credit crunch in 1985 as an expanding private sector collides with a Uncle Sam in competition for scarce funds. mid-198- debt-ridde- n In that event, the outcome would be another recession as business is starved for funds, or pressure on the Fed to ease up on the money supply to bring down interest rates That sort of pressure is what worries H'r-ber- t Stein, senior economist at the American Enterprise Institute who headed the Council of Economic Advisers in the Nixon Administration He is concerned that the pressure may be too much to resist, and that the result will be another, more serious burst of inflation Volcker may well resist such an outcome But in an environment of $200 billion a year federal deficits, even as adept a fine tuner" as he is, Volcker may be unable to do much about it. Minted about 100 years ago. Original U.S. Government Mint Issue Commentary changes and in the 2 Conditions today are even more uncertain than they were when the Reagan presidency took office. Most economists in and out of the administration agree that the economic recovery will continue this year at a sufficiently strong pace to bring unemployment down from its 9 2 per i ftrTg Volcker & Co. faced something of the same sort of challenge in 1981-8as the Fed moved to wring inflation out of the economy while Presi- dent Reagan and Congress were busy cutting taxes and deregulating key industries. Analysts like Alice Rivlin, former director of the Congressional Budget Office, suggest that the task was too much for the Fed. Advertisers Fear Viewers With VCRs Pass Up Ads By Fred Rothenberg Associated Press Writer NEW YORK Home video recording, which won approval from the Supreme Court on Tuesday, worries many advertisers who fear that more and more viewers will past their commercials. By a 4 decision, the court ruled that taping TV shows or movies at home did not violate U.S. copyright law so long as it isnt done for profit. It was a victory for the billion-dolla- r home video recorder industry and the 8 million owners of videocas-sett- e recorders. But the people who pay for the programs, the advertisers, are worried that "a word from our sponsor will soon signal a massive speed-searc- h past the commercial. Richard Kostyra, senior vice president, media director for the J. Walter Thompson ad agency, said videocassette recorders (VCRs) with modes and TV sets with remote control are the biggest threats to TV advertising to"fast-forwar- fast-forwa- day. Could Become Serious d of all by 1990, close to homes will have video recorders and, by then, all the machines will have the speed-searccapability to one-thir- h Weire selling a $250 Morgan Silver Dollar set for only $125... and theyre going fast! commercial reduce a break to six seconds. Were very concerned by that," said Kaplan. "When the machines reach that penetration level, well be paying for audiences that were not really getting. Cant Monitor Playback Nielsens audience-ratin- g surveys can monitor when a viewer records a program, not when its played back. In the next few years, well have to work with Nielsen to ascertain the percentage of viewers who have taped the program and actually watched the commercials, since most of the recording viewers will be zapping, said Kaplan. Zapping" is the industry term describing viewers who tune out on commercials by switching channels or by skipping ahead on tape. Nielsen recently found that, in any given commercial minute, 2.1 percent of all TV homes switched, 3 e percent of homes with switched, 3 6 percent of homes with remote-contrdevices switched and 4 5 percent of homes with and remote control switched. The Television Audience Assessment Report, released last spring, said 15 percent of all TVviewers regularly changed channels during commercials, and that figure went up to 40 percent in homes with pay cable. Network researchers, however, feel this report is loaded with socially desirable responses. Whatever the numbers, there is widespread concern that audiences are finding new ways to ignore commercial messages. Don Ohlmeyer, an independent MTV producer, said that CNN have given the and impatient viewer a quick, alternative to commercials. Says Ohlmeyer: The biggest trend in the industry is zapping." 5-pie- ce, or the next 15 class only. The Numismatic Guild is offering the beautiful Solid Silver Morgan Dollar in Treasury Sets of live for the unheard of low price of just $125 00 per set. Previously we had been selling our live Morgan Silver Dol lar sets for $250 00 per sot. but due to a special purchase at an Estate Sale of these- histone coins, we are able to make them available to you in this unprecedented money sav- ing offer. Considered by experts to be the peak of the engraver's art, these solid silver dollai s of 412 5 grams of ninety percent fine silver. .77344 o pure silver, are the most sought pay-cabl- Its not a substantial problem said Walter Reichel, executive vice president and director of media programs for the Ted Bates advertising agency. But the problem of getting our commercial messages across could become very senow, rious." Bob Igiel, senior vice president for programming and network nego- tiations at the NW Ayer ad agency, its an issue were looking at very closely. Technology is something you cant run away from, but the key is to learn these new consumption habits. Igiel said that VCRs may bring more viewers to the product, if, for example, people recording afternoon soap operas would otherwise be unavailable for those shows commercials. In 1979, the A.C. Nielsen Co. did a first-tim- e survey of about 550 homes with VCRs. One finding was that the majority of recording was done during the daytime, obviously soap operas, to be viewed at the viewers convenience, said Barry Kaplan, vice president, associate director for media information at the Ted Bates ad agency. Youd be a fool not to zap the commercials, Kaplan said. Several Pass Commercials No exact figures were released by Nielsen, but one conclusion was that a great degree of people used speed search to run past the commercials, said Kaplan. However, network researchers dispute these results because they were based on viewer not Nielsens normally objective meter measuring. The weakness is that, given the choice, many respondents will say they dont watch commercials. David a CBS vice president for research, calls these "socially desirable responses the kind people feel obliged to make. The Electronic Industries Association estimates that 10 percent of the nations 83.8 million TV homes have VCRs. Ted Bates predicts that. said Pol-trac- EPA Delays Diesel Car Rules Until 87 WASHINGTON (AP) The result was a tightening of the money supply to such an extent that even Reagan administration mone- models to 0.2 grams for diesel cars and 0 26 for diesel light-dut- y trucks. General Motors had asked for the delay. Ruckelshaus said there would be little environmental harm because diesel vehicle sales have dropped instead of increased as had been predicted. He also said many light diesel vehicles already emit pollution well below the currently allowed in 1985 level. pay-cab- le after coins ever minted tores, dates and mint nun ks THE m Congressional Authorization was the Bland Allison Act, 1878. Designed by George T. Morgan, chief engraver of the U.S. Mint. Size is 38.1 mm diameter. Reeded silver edges. Silver content is 26.73 grams, .900 fine silver, .773 1 1 Oz. pure silver. Letter "M, engraver's initial, appears on the obverse and reverse sides. Minted at the Philadelphia, San Francisco, and New Orleans U.S. Mints from 1878 to 1901. FOR FASTEST DELIVERY 24 HOURS A DAY raie gold and silver coins, is a member in good standing of tile prestigious Hetail Coin Dealers Association and oui President is a lifetime member ol the Aim Numismatic Association SC-65- 2 rhM N0 v Please send the coin sells) cheeked below I enclose . Check. Monev Order New Yoi k residents please add sales tax in tile amount of S understand all coin sets will be sent registered and instiled To confirm wo have tour older, five Morgan silver dollar set (or 5123 01) plus $7.50 p p , hr II ms. please provide phone numbers 2 live Morgan silver dollar sets tor ) Hornet $240 00 plus $10 00 p p , Inull , ms Save $13 Oil ) Oil ice 5 live Morgan silver dollar sets lor 00 S17 50 hndl.. ins. $595 p pi, mxFKxniB plus nimtiFwvntiM 1IAS1LKC AKU AMERICAN LXFKLSh Sav e $50 00. Name DATE CKHIIT CARD NO Address 1 ! , . tP rfTTTID c, State Zip SK.NAITKE JANUARY SAVINGS ON APPLE STARTER SYSTEMS i Heres your opportunity to cash in on our lowest priced Apple lie starter system ever. Bring in your Christmas cash and invest in the future of your family with an Apple lie. The Apple lie starter system includes: 64 K Apple lie CPU Disk Drive with Controller Card 80 Column Card Sale ends January 31, 1984, Monitor II 90 Day Parts and Labor Warranty 1195 cash price Additions! SsviiiQS! Save up to 40 on selected Apple software and accessories selection may vary by store. No dealers limit 1 per customer. Because ot this extraordinarily low price, credit cards cannot be accepted Because demand tor this promotion, CompuSnop may experience temporary product shortages therefore, rain checks will be provided on Apple starter systems with a 25 deposit Rain checks will not be given on other sale items Salt Lake City 4844 Highland Salt Lake City 1410 Foothill MON. TUBS. WED. FRI uiuimiju.li 10-THURS mi'f will J ilimi.i me 10-- 8 Dr. Dr. SAT 272-528582-055- 10-- him computer rjoppfc Autsorued Dealer 1 6 'CompuShop C! OSED SUNDAY imiiiiio e .imi.ipii. emi'. The technology to clean up the emissions is available, EPA spokeswoman Martha Casey said, "its a matter of applying it successfully to the car. 1 7 DAYS A WEEK DEPT. THE NlMISMATiC Gl ILD Dept. 35 West 35th Street, New York, N. Y. 10001 A WORD OF ADVICE: The alue uf a coin is ba.serl on Its date, mint maik and condition We guarantee all our coins to he original U S. Mint issue in line containing appropriate Menu NUMISMATIC GUILD, dealers VITAL SILVER DOLLAR STATISTICS CALL TOLL FREE (New York residents call then-silve- one-minu- r CREDIT CARD HOLDERS the in United States. Dated from 1878 to 1004. these coins have become so popular that collectors and investors have been hoarding them for years. As a result, along with the fact that millions of these coins have been melted down for content, there are no longer any Morgan Silver Dollars in cir all-ne- oF w culation Silver Dollar coins in gen eral have increased in value orer ten times in preceding years. Some Morgan Silver Dollars sell for as much as $20,000 and a prime mint condition Morgan Dollar recently sold for $42,500 Each Treasury Collectors set m this special ottering is mounted m a protective presentation case accompanied bv a Ceititicute of Authenticity. Makes an ideal gift for special occasions to bo passed from generation to generation. If you are not satisfied for any reason, you may return your coins within 15 days for a full refund. I I 1983