OCR Text |
Show warer aprmgvme Approves ui Policy for Annexed Land e Emergency Action Taken by Carter To Bolster Dollar (Continued from page 1) A lack of confidence in the dollar overseas because of foreign skepticism about the administration's willingness to act forcefully to reverse the trend. "In the course of the last week," Blumenthal said, "we came to the conclusion that strong action had to be taken. We worked almost round the clock. The president finally approved it yesterday. "We believe the action we have taken today will make clear President Carter is serious about dealing with inflation," Blumenthal said. The Treasury and ine Federal Reserve Board took a series of coordinated actions the government hopes would restore faith in the dollar. They t) boost of the board's discount rate d six-acr- 750,000 ounces this month and had sold 300,000 ounces a month for the past six months. Raising $30 billion to be used to intervene on exchange markets when the value of the dollar sags. The package includes "swap" agreements with the central banks of Germany and Japan and the Swiss National Bank Establishment of a supplementary in addition to reserve requirement present member bank reserve requirements equal to 2 percent of time included deposits in denominations of $100,000 or more. This action would further alter regulations on domestic banks to encourage them to borrow dollars from their foreign branches. Carter said the international aspects of the program have been developed with other major governments and central banks, "and they intend to cooperate fully with the United State?, in attaining our mutual objectives." NEW YORK (UPI) The Carter ad"The dollar's deterioriation already ministration's dramatic efforts to curb inflation and prop up the dollar sent has led to a rise in import competitive stocks sharply and broadly higher in prices which further fuels inflation and perpetuates a vicious cycle," heavy trading this morning. The Dow Jones industrial average Blumenthal said. "The image of the American soared 24.94 points to 817.39 around 11:30 a.m. EST Tfc blue ship indicator economy and its leadership is adverseaffected by this." plunged 19.40 points to 792.34 to close ly "Bringing about this kind of stability below the 800 mark Tuesday for the in the foreign exchange market and first time in more than six months. The Dow has plummeted more than ending the disorderly and speculative movement that has occurred with 104 points in the past 12 sessions, setto the dollar will be an importing the stage for som? bargain regard tant factor in increasing the chances of hunting. Advances led declines, 1,355 to 162, success of the president's Blumenthal continued. "As among the 1,705 issues crossing the program," that succeeds, the risk of a program New York Stock Exchange tape. is reduced and eliminated." First-hou- r NYSE volume amounted recession "This is a long-terprogram," he to about 12,600,000 shares, compared said. "The kind of forceful action we with 11,560,000 traded during the same have announced will have successful period Tuesday. The NYSE tape ran as results. late as 16 minutes. In the first two sesHe said the dollar's problems are sions this week more than 100 - million caused by "psychological and shares have changed hands on the speculative" factors. "This action is inNYSE. to make clear that situation will President Carter told White House tended not be allowed to continue reporters today the dollar's slump abroad is "clearly not warranted by the fundamental economic situation." He said the U.S. currency's weakness "threatens economic progress at home (Continued hum page 1) and abroad and the success of our fort to administration officials looking program." at upcoming negotiations. The Federal Reserve Wednesday "We're not going to dictate to our raised the discount rate it charges 60,000 bargaining units as to what they member banks for loans one percenshould place on the bargaining table," 9 Minutes to after percent. tage point Meany said. the Fed action, the dollar shot up 4 perMeany's statement was endorsed uncent against the West German mark on by the federation's animously the Frankfurt exchange and climbed Executive Council. markets. on other foreign sharply The Fed move also triggered a rally in the bond market at home. : Stocks Rise - Sharply on Dollar News - Last year Provo was awarded and this year the ORS reports the city is budgeted to receive $1,204,908. DWIGHT S. BUNNELL Audubon month alone. A handful of major banks Wednesday followed the lead of Chase Manhattan Bank, which boosted its prime rate for corporate borrowers a quarter point to lOVt percent late Tuesday. The rest of the banking industry was expected to go to the 10 percent mark shortly. Despite the explosive buying wave in stocks, some brokers said investors were likely to pull out of securities because they could get higher yields in short-ter- money instruments. Government officials and business leaders have warned escalating interest rates could lead the nation into a recession. Planned at at the LDS-Owne- d Brigham Young Nick A. D'Orazio, a BYU student from Wilmington, Del., has founded the Club. He indicated that he and his friends had talked of organizing the special interest club and had felt encouraged to do so. n "There are about non-LD- S students 700 on campus," he said. He said he hopes the new club will be able to "sponsor activities for so we can have the kind of active social life that the Young Adults programs provide for the LDS kids." Elliot Cameron , assistant to the president Dean of Student Life, told the Herald that he could see no problems of organizing such a club on campus. He said that before a club was official, though, his office had to have a charter from the club. He said that the university did allow one club meeting to organize, and draft a charter. university club charters had to indicate that the members organization would follow university honor code rules dictating that students follow the LDS Church's word of wisdom, that drink-in- g says no smoking or allowed, emphasizing a 23 Pickups, 74s 41 ton trucks 8 Ladder trucks, - Chev 2 wTel-Eco- M l 1800 Tandem Cab 6 equipment S- Ml i Small ORANGES m w ..Jvj. 1 Hftfigb jg igr Ilueberry, Bran, Money Ik E Von Camps 300 she OVER V Dole )l SflOO $15 oo PAIR 2'A can OUR REGULAR $35.00 SHOE! NEW LIST $39.99 IsiW 8-- oi. 57 con U TOMATO SAUCE ffHi-Lan- I Sflll U N jar I. SOlUk d ICE MILK 12 cal 1 W Chev. Western W SHOES FOR MEN jUIEIVi'C Wi Family. $$ STRAWBERRIES CLASSIC LEATHER i Chassis H trailers 2 Davis Mini Sneakers -- 1 - I6-O- 9 pole trailers 10 Cable Reel Trailers 2 Case 580 loaders j BROCCOLI Siji; several large tracts of air conditions and would land on and around Mt. halt any new industry Nebo with wilderness locating in the vicinity. A Wilderness Commit-tee- , designations. Two public meetings appointed by the ;$: hosted by the Forest Ser- governor, indicated that if: vice to inform the public seven different areas $S of the study and answer listed as possible questions brought out wilderness sites in Juab :j overflow crowds. Those County had extremely Stedleis in attendance were high potential as energy overwhelmingly against sources. Potential for $$ CRAPES the designation since it gas, oil, coal, andSj would call for the uranium were listed in ::! maintenance of pristine the committee findings, PRICE Augers n alhitr't truck IjWestern Family $6-o- i. can ORANGE JUICE backhoes 0 TERMS: gi igjg Chevs, Dodges Vermeer M470 Trencher Davis Ditch 40 4 only. Paymt.i! in full at cIom of talo. Mt. Btll rtitrvti tht right to odd or doloto any ittm from thii al. McCrea & Co. auctioneers 5777 E. Evans Denver Colo. 80222 6 (303) 759-568- HAS ALWAYS BEEN Trencher Witch VP12 Trencher Sale Conducted By X3 : com-muniti- Chevs, Dodges. CALL OR WRITE FOR BROCHURE r. 1 1600 Cab S Chassis Ford Coih or 8 M iC0FKE'J W Step Van IHC Ji MATE Ply. i ib. 11" W MARGARINE Chevys, Dodges cars, '66 to 74 Fords, Dodges, 21 8 . . PORK 'II BEAJ1S ton to 2 ton. Davis Super line Trencher Jj providing equipment and capital improvements. Mr. Hall said they base each share on a combination of fac- tors involving population, average in- come, tax structure, taxes generated locally and how much other federal monies are received by the local government. of Wildlife Resources since 1970, first as a conservation officer, then game biologist, and most recently as upland game supervisor. trenchers Vermeer M460 trencher 4 . . to Provo City Auditor of the revenue shar ing funds go into general fund high !$;$ priority items for various city depart-mentAccording JCHARGE Mr. Bunnell has been employed by the Division 2 dump trucks 2 Ditch Witch -- U.S. CHOICE $ '' Sj39 Ib. STEW MEAT J The public is cordially invited. econolines, Ib. . . . Boneless Beef MASTFlT Ford F609 wPitman Pole Cat 74.2. SHORT RIDS . m transplant. to ton 61 Vans, '67 to IHC 1374, up lb. it VISA surveys since the 74 '68 Fords, 72 to '69 Fords, ton Vi 6 pickups, strict American Hospital Association. It was $812 in 15 Blue Seal SALT LAKE CITY, UTAH SATURDAY, NOV. 4 at 1 1 A.M. Open for inspection Fri. Nov. 3, 9 a.m. 5 p.m. 2 The average hospital uill is $1,415, according to the UUH3I ACHARGE IT WITH YOUR CHARGE CARD northeastern Utah. The program will include color slides of the operation, which took place two years ago, and subsequent annual population It had ib. U.S. Choict Round Bone Blaine Hall, most of Mountains ib. 98" Roast one Mountain Bell Telephone Co. 1850 West 21st South and moral behavior. U.S.ClMk 7-B- ::: .85 POT ROAST $3,791,666. transplanting of white-taile- d ptarmigan from Colorado into the Uintah un- lb. U.S. Choke SlwSoCwt STEAK FOR THE BYU u CHUCK o AUCTION o Mr. D'Orazio indicated that the club rill soon hold its organizational meeting and begin work on a charter. Mr. Cameron indicated club is in the process of being formed A new to around the centered conceded that the Ugandans reached Kyaka, but said heavy fighting was still raging. A high Tanzanian source said today the government estimates that three between battalions of Ugandans and tanks and 2,000 and 3,000 men heavy artillery were now involved in the fighting. Tanzania's army seized trucks and buses in the capital of Dar es Salaam today for emergency transport on the warfront. Amin called on the Organization of African Unity to intervene in the conflict. Tanzania said Amin had "reached his day of maximum madness." Club NLn-LD- S Sfl49 Salt Lake City will drop from $4,010,142 3 Kw I SMOKED PICNIC BONELESS state's largest metropolitan dent, Mr. Bunnell's presentation will be ac- of launching an provoked attack against Tanzania. Uganda - Peterson State NEPHI According to Dennis L. Shirley, chapter presi- 100-mi- le cused Ogden is the only major city in the state which is to receive an increase in their ORS funds over last year, $1,129,763, as opposed to $1,125,256. Legislator Cary has received word from an administrative assistant of Governor Scott Principle upland game Matheson that no biologist for the Division wilderness designations of Wildlife Resources, will be recommended for Dwight S. Bunnell, will several sites recently unpresent a program at the der scrutiny in Juab regular monthly meeting County. A study entitled RARE of the Timpanogos Audubon Society at 7:30 II, being made by the p.m. Thursday in the U.S. Forest Service, Monte L, Bean Life proposed setting aside Science Museum on the BYU campus. (Continued from page 1) town of Kyaka, it is 18 miles away from frontier the the straight-edg- e two countries inherited from colonial Britain. The Tanzanian government has area, Page Pierce's Wilderness Status in Juab Told Meeting Planned Uganda The THE HERALD. Prove. Utah 1, 1978. s, $1,209,988, anti-inflati- dollar's strength 1 per-ce.- community receives. Holds The .November consider an improvement district m the sonne ad ding it is too cold to start the project now Another member of the group questioned the city's obligation to resurface 300 North. Councilman Murdock said it would be looked into Roy and Naomi Dickens were referred to the board of adjustment to hear their request to make candv at their home at 271 N. 900 E. to be sold to retail outlets Councilman Jerry Smith reported that a problem in the heating system of the swimming pool is holding up finishing stages and that no date for completion has been set The council okayed a request for a $90 adjustment on a water bill for Wayne Miller, 575 E. 400 No., from a bill excessively high due to a leak Another motion released Valley View Subdivision lots bonded to the city contingent on a promise from Sumsion Construction that they will finish the street. Councilman Smith reported shrubs had been cut down to eliminate obstruction ana "reduce speed ahead" signs have been posted on 400 East in an effort to reduce speed coming off Highway 89. Councilman Jerry Ollerton said, flashing lights marking school zones on 400 South have been placed, and the state had sent a check for $9,700 for its share of the wrecked ambulance. He added the insurance company was looking for a used ambulance as a replacement. Councilman Calvin J. Baxter reported collection of electrical revenues was 22.84 percent of the 25 for the first quarter of the fiscal year and expenditures were only 12.37 percent which is considerably below the amount projected. Attorney Strong brought to the attention of council members the need to review the fire code with the fire chief, and that cemetery rules and regulations were scheduled to go to Glenn Bird to be written before they will be printed and distributed. The U.S. Office of Revenue Sharing (UKS) reports their distribution of funds to Provo for fiscal 1979 will be $5,080 below that of fiscal 1978, based on a complicated formula used by that office to determine how much each m questionable, however, because of widespread speculation in currencies on foreign exchanges and certain Common Market officials' reluctance to buy the greenback. The value of the dollar has skidded 18 percent over the past year in relation to the currencies of the world's other major industrialized nations and 7 percent during the past Wednesday. Revenue Sharing Allocations Reported; Provo's at Million anti-inflati- was . a By JO ANN DE HAAS SPRINGVILLE City council members Tuesday established a policy to require dedication of one share (the equivalent of six acre-feeof water per acre of land as a condition of annexation, a one change hearing was set for Nov. 7, and residents requested an improvement district. During the process of approving the Houtz-Chilannexation presented by Wilford Clyde, the council e voted to make surrender of share of water a condition of the annexation and that it would be required of all future annexations. The Houtz-Chil- d annexation was approved Mr Clyde was told that papers would be drawn up and water shares would have to be presented at the next meeting. Shares of water could be purchased if none was available with the property, Mr Clyde was informed. Gibb and Peter Van Orman's request to change zoning of property located cst of 6yo N. Main from residential to general commercial, was set for public hearing during the Nov. 7 council meeting. Glenn Bird was spokesman for residents of 300 West between 300 and 400 North Streets. The group asked that a special improvement district be created to provide asphalt, curb, gutter, and sidewalks for the area. Mr. Bird said the road has been a dedicated street for many years and according to the City Code and former City Attorney, Robert Sumsion, the city should be responsible for paving. Councilman- Murdock said, according to city policy, residents are responsible for improvements. He said, in subdivisions, developers pay for improvements and adds the cost to price of the home. Mr. Bird said they were not a subdivision, just individual homeowners. Mr. Murdock said, he would the interest it charges member banks for loans from 8 5 percent to 9 5 percent, the highest in history. By increasing interest rates, it is hoped foreigners will be encouraged to invest funds in the United States whiie Americans seek their loans overseas An increase in the amount of gold auctioned from U.S. reserves to at least 1.5 million ounces a month. The United States was scheduled to sell volves a situation in which foreigners hold about $500 billion and have been selling the dollars rather than buying, investing or saving them. This, in turn, has prompted a general n riH'S Rich Black and leather sole and insole Brown all leather' uppers most sizes and widths from 7 to 12. This is a closeout. We will have no mo when these are gone. 19 iv9i NSRfBNS BASIC DRESS SHOE A FAVORITE WITH BUSINESS & PROFESSIONAL MEN -GREAT FOR MISSIONARIES Full OURl AEJ . 88 PLEASANT GROVE! M PROVO II Good Thurs., fri., Sat Closed Sunday , |