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Show rase int ncKALU, Provo, 4 L iaa, r naay, ju,y m. i 9 mines What is happening on stock markets and the business world Housing Starts Continue Climbing Despite Mortgages - HousWASHINGTON (UPI) ing starts increased 5.3 percent in June, making 1984 so far the best year since 1978 despite higher mortgage rates that threaten to cut into construction, the Commerce Department said Wednesday. The depressing effect of the 2 point increase in mortgage rates this year was not entirely absent in June, shifting all of the improvement to apartment houses and pulling single family house starts down 7.2 percent. The annual rate of housing starts based on June construction activity climbed to 19 million units, the highest it has been since April after seasonal adjustment. The 185,500 dwelling units started in June brought to 916,700 the number begun in the first half of the year, the department said, the best performance since the first six months of 1978. Housing starts dropped 10.5 per CHEYENNE, cent in May but have averaged a seasonally adjusted 1.937 million annual rate so far this year, well above last year's total 1.703 million production. The new figures on building permits suggested that mulufam-il- y buildings will continue to boom, with permits there up nearly 18 percent. But permits signaling the intention to build single family houses dropped 7 percent in June. Mortgage interest rates have increased about 2 percentage points so far this year and builders and lender have reported that the prospective buyers and loan applications have dropped off by nearly half. "It's much harder to make a sale than it was before," Michael Sumichrast, chief economist of the National Association of Home Builders, said. "Buyers are desperately stretching their income in order to buy homes and lenders are getting quite choosy." Market Quotes VOLUME Industrial! Transportation Utilities 123 93 4 457 91 74) Ml NEW YORK STOCK EXCHANGE utm Albcrtsons Am Exp. American Stores AT&T Mm Bell) Avnet Boise Case Commodore lull Eastman Kodak Gen Tel k fclec. Hercules Inc. Hoi Ims lull Bus Mack. Marriott CWse V 324 174 304 26 S4 M- s1 32' 17H - 22H 20 71. 7H 37. J7S a 2C-- 37' 31 107H M 107 7 McDonalds Mtn Fuel Supp 26 V. e 26. Occidental Pet Pub Serv N. Mex Republic Air 2t' 28 21 214 J' J' 5V. 44i 434 424 154 1' 234 42T liVi Telescience Tosco V S Steel I'tah I'lL Wash Wat West. Air. I' 234 v 21 21 16. 24 16i 24 4 Pwr V4 more than $26 million in additional federal oil and gas royalty payments, according to an audit of the U.S. Interior Department released Thursday. Wyoming State Auditor Jim Griffith said Wyoming and Colorado spearheaded the audit of the department's collection, distribution and disbursement of federal royalties. Wyoming is due $16.2 million that the federal government in- correctly withheld, the largest amount of the any of the states involved in the audit because it has more drilling than the other states involved in the audit. Utah will receive $932,000. Under federal law, a state is entitled to 50 percent of the royalties collected on federal oil and gas leases within its border. The ceneral audit found Colo rado is owed $4 3 15. 15. 72 .8125 9 nia $1.2 million, and North Dakota $1.1 million. The seventh state involved in the audit, Alaska, is not owed and does not owe any money on the royalties. two states not involved in the audit, however, were found to have received more than their share of federal royalties. Nebraska must repay the federal government $52,000, while South Dakota owes $32,000. Griffith said he was sorry the two states lost money on the audit, especially when they did not choose to participate in it, but it was "of course, necessary for us to do all of the records ... not just the ones we chose." Griffith also said he was disappointed New Mexico decided not to participate in the audit because he believed that state would have By Arizona-Jun- Bates Great Western Bristol Gaming Gen. Monarch Chief Consolidated Mines Clayton Silver Mine Comstock Tunnel Com Tel Inc. Croff Oil Co. Crown Point Con. Mining Dragon Cons. Mining Eicaiibur Gold Chain Mining Horn Silver Oil It Mineral Justheim Petroleum Louisiana Pacific Re. Mammoth Mining Co. New Quincy Miniij North Uly Mining Northn Sun Holding Park City Cons. Mine Park Premier Mining Prince Cons. Mining Rego South Standard Mining United Park City Mine Utah Con. Mining Mill Bullion .15 .20 .50 ( 50 20 9 75 3 87 13? 1 25 30 .20 .60 ,06 Asked .25 .50 .62 6 75 .30 - NEW YORK (UPI) The New York and American stock exchanges said Wednesday they are conducting studies to determine whether to extend their trading hours beyond the present limits. 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The interest reflects growing competition in this age of highspeed telecommunications that allows rapid access to information and, potentially, trading from just about anywhere in the world at .35 Tech Vega-Bi- Griffith said Wyoming has now asked for a "delegation of authority" from the Interior Department that will give Wyoming responsibility for monitoring federal royalties. Colorado is also heading a solids minerals audit, but he said he doubts that Wyoming will realize much money from that audit, although Utah could receive a substantial amount in underpaid royalties. Stock Exchanges Ponder Longer Trading Hours Counter Trading Cons. rior's Minerals Management 21 3146 Global Provided to The Daily Herald By Shearson American Express Inc. INTERMOUNTAIN STOCK EXCHANGE underpay- ments made three years ago. Wyoming has been the pioneer in improving mineral auditing techniques. In addition to the general audit of the Interior Department, Griffith said specific audits of 471 federal leases in Wyoming has yielded to the state of Wyoming $16 4 million in due royalties. An equal amount went to the federal government. Service and the quality of training of those working to ensure royalty payment compliance. Griffith said the auditing job is "huge," with some 9,000 federal oil and gas leases issued in Wyoming alone. Monitoring federal oil and gas production and ensuring the proper amount of royalties is paid to the government and then distributed among the states is "an audit that will never end," Griffith said. Since allegations of widespread FUNDS 16 oil thefts and royalty it has not received all royalties due it. The Interior Department at first resisted the audit, but later relented and even paid $10,000 of the $150,000 cost of the general audit, he said. Tom Nast, of the Wyoming State Auditor's Office, said the underpayments to the state reflect a lack of personnel in Intefound million by the Interior Department; Montana will receive $2.4 million; Califor- 294 Directors Special High Yield Pioneer pioneer F und Pioneer II Putnam Voyg Strst Inv Fund Seligiman Commun Seligiman Cap Templeton: Growth Si 61 7. -- 3' 8125 2 Aim Ask BM 1 (LTD Wyo. states are entitled to 24 64 World 2S Computer Baily Mlg Apple 3 Am Cap Comstock Am Gen Pace Fund Am Gen Venture Internal I Invest Mass Emerging Gr Mass Intr Bond Mass Inv Gr Mass Inv Trust Mass Fin Sec F und Oppenheimer: OVER THE COUNTER 24 23i MUTUAL V4 S Mach. Savin Bus Squibb Synlex 234 Cap lnc Cap Spec. Engy Hesv Group First Sec lntergem Pmd Fed Sid. Wicat Zwn s First Nat l. Mtn States Res Con Con AVERAGES DOW JONES 85 673.200 1102 l Gas Money $26 Million Short , Six Western .all 3 HP motor No $368 "rarrmfiifM4! I I |
