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Show "A Bu siness - Last (UPI) Friday the Federal Open Market Committee released the minutes of its July meeting, showing it had decided not to tighten even though the economy displayed significant signs of overheating. The Fed did decide to raise the upper end of the target range for the Federal funds rate from ll'a to 12 percent, but since that had already occurred in the marketplace, it came as no surprise whatsoever. Furthermore, levels of interest rates in recent days suggest the Fed may have decided to ease somewhat in view cf the rapidly slowing economy. In fact, in the arcane language of the FOMC minutes, where nuances are everything, the July meeting said policy "would" be tightened if money supply grew too fast but "might" be eased if the economy slowed. However, it is our view that the emphasis was changed at the most recent meeting. Specifically, we think the August directive reversed these critical adjectives, and when the minutes are released in early October they will read that more ease "would" be taken if the slowdown intensified grow too fast again. In other words, it is likely the Fed eased ever so slightly at the latest FOMC meeting last week. Vet in spite of these optimistic portents, debt markets remain pessimistic these days, and the consensus forecast still points in the direction of slightly higher interest rates. This would seem to be the opposite of the viewpoints reached by FOMC members in their latest deliberations. The primary reason for this apparent contradiction is that the extremely strong growth of the first two quarters came as a distinctly unpleasant surprise to silver iLFli Foreign and domestic gold and prices quoted in dollars per troy ounce Tuesday: London Morning fixing 348.15 off 2.10. Afternoon fixing 349 75 oil 0 .50. Close 350 50 Pans 346 97 up 0 25. olf 3.81. Zurich 350 50 up 3.00. words, bond burned once too often to believe that the most recent monthly statistics indicating slowdown really mean what they say. During the past year, economists have indeed been frustrated when sizable declines in new orders turn into just as sizable advances when the data is revised; when sharp declines in retail sales are later reported as substantial gains in consumption; of 1984. quarters Nonetheless, it would still appear that the emerging slowdown indicated by the most recent fig Hong Kong 348 05 off 2.50 Does your Drake ( Silver 102 S Ami tIT Comex spot close 602 oti 0 013 Republic cash 7.60 oil 0 01. Handy and Harman quoted silver at $7 67 per fine ounce up $0 10 Engelhard Corp. quoted a base price tor industrial silver ol $7 69 up $0 13 and a price lor fabricated silver products of - 7 New York Comex spot close 348.70 up 0.10. Republic cash 348 50 unchanged Handy and Harman 349 75 up 1 75. Engeihard. base price for refining settling and unfabncated gold 350 15 up 1 90 per troy ounce. Selling price, fabricated gold 36766 up 2 00 per troy ounce. Livestock And Produce ures has much more substance than the phantasmagoncal signals of the first halt This viewpoint is not obtained only from a close perusal of the existing monthly statistics, which admittedly are no longer robust enough to provide useful information about where the economy is heading Vet when the first line of defense fails, we must move to in this case the the second line leading consumer and business surveys. Even as the retail sales, new orders, and employment figures of the first halt of the year were erroneously suggesting a much lower rate of grow th, two surveys never wavered in their enthusiastic reporting that the economy was as strong as ever. Consumer buying surveys hit new records almost every month, while the National Federation of Independent Business (NFIBi survey predicted that real GNP would grow close to a 9 percent annual rate in both quarters. This is an outstanding record compared to the 10.1 percent and 7.6 percent rates that actually did occur, particularly when compared with the 4 and when sluggish growth in employment as measured by one survey i based on payrolls) turns out to be much stronger when these numbers are realigned with the other survey (based on households). These badly misleading indicators caused the economic profession to predict real growth about half as robust as actually occurred during the first two Gold and Silver Quotations EW YOKK - Page $8,228 up pedal feel spongy? 'eieofioie y lime shows that businesses finally are becoming concerned if not alarmed about the steadily higher drift in interest rates. Hence that survey predicts that third quarter real growth will be cut to 4 percent as business start to reduce their plans to expand capital investment, spending, inventory and employment. LET US GIVE YOU "THE EDGE" IX AUTO LEAS US G W e lun car- - wholesale and pa-- the sa nigs on lo you! s loo ! "I'dV d- (u niaiu nijc til" - i.HI ,l,mn .d nit-n- t ) our cmlit line, oiir i preserved unlimited mileage, major inn hanii al inainti'iiance protection I y ,) r program InwMinent tax Hfiiclit Leae all make- - ami models (!urs 'louts Airplane Trucks Nans Stt UM! tMy aiailat'le help with proper choice of ,ru' u- - ia'"- n-- k closed end lease V''1'" '' "",,,l,'l liuaranti-ei- l no 'f program for your trade in (.) Kquipment - Competitive Edge 8am credit- - option to purchase with our National Heel I'un g I'rnlromnal List Sell Buy until b p rn Monody through Saturday ib TifVes Similarly,' the'NFIB survey quarters Recently, however, both these surveys hae indicated an abrupt turnaround in the economy. Consumer buying plans have dropped off noticeably in July, despite the tact the usual determinants of consumer altitudes unemployboth have ment and inflation continued to improve. Obviously higher interest rates are begin a tree Open only both ning to worry many consumers. consensus estimates for percent Call the fastest growing lease company in Ltah for a free estimale Leasing, Inc. $0 139. UNIVERSITY MALL &m&mm HirmMftniiMrfw rwirwr , mmmi, j r """ ymilmaMMmft' Utrt iji w.., ,4,, a Grain Prices - Grains were mostly (LTD lower and soybeans lower at the close Tuesday on the Chicago Board of Trade. Wheat was up 2 to off 'z cent, corn was oats were off 4 to up '4 off 1 '4 to 5 and soybeans were off 3 to 8 34 cents. Trading was quiet overall with commission houses and locals the best sellers. Commercials were on both sides. Corn and beans were weak and wheat strong, a reversal of Monday's trends. Floor sources said trading was a correction of Monday s activity. Outside markets were not a factor. Hot and dry weather continued to dominate trading Overnight rain in some areas influenced prices. Some traders said higher temperatures forecast for later in the week could spark renewed buying. Others said the weather would have little effect on the corn crop at this point, but most soybeans still need rain. Monday's export inspections were considered neutral. Country movement was light. CHICAGO - 1' PI l CHICAGO Closing meat futures range on the Chicago Mercantile Exchange Close Prev 40,000 lb; cents per lb Open High Live Cattle Oct - 65.05 65.05 65.15 66 90 66.97 65.20 65.25 64 85 Feb Jun Aug 63.45 63 65 64.72 64.87 65.00 65.00 66.75 66.97 66.90 64.90 65.00 65.30 64 52 6 4 80 Est. sales 9.528 contracts; Monday's sales 7,437. open interest 35.841 up 418. 44,000 lb; cents per lb Feeder Cattle - Sep Oct Nov 66.40 67.20 68.02 69.30 69.75 66.82 66.15 67 42 67.00 68 17 67.85 69.35 69.30 89.85 69.70 66.15 67.30 68.00 69.30 69 80 67.25 68.02 69.32 69.85 48 75 48 90 AND UNDER 40 FOR SUMMER SIGN-OFF- Reg. VASSARET1E .29.99 4 STYL E Fash,un Dresses S40-S8- 0 ( 131-33- 50 variety ) - 65.15 65.50 65 92 67.00 66.40 67.00 67 55 64.90 64.90 64.70 64.90 65.70 May 65 85 65 85 Jly 66 65 Est. sales 3.695 contracts; Monday's sales 6,067, open interest 7.238 down 250. Settlement prices on close and previous. 20 TOPS DOTED ON BY MOTHERS-TO-B- Omaha Livestock - Livestock: Cattle and calves 2.300, steers and heifers moderately active, firm to 25 higher, instances 50 up; advance confined mainly to choice steers over 1100 lbs and same grade heifers over 975 lbs cows 1.00 lower than Monday's early trade; bulls steady; steers comprised 48 percent of receipts; heifers 42 percent; cows near 8 percent; slaughter 00. 0 lbs 64.50-6steers choice 4 4 63 0 two loads 66.50; few lots 50; mixed good and choice 3 63.00-6- 4 mixed good 50; good 60 lb holsteins 54.00-5-7 and choice 3 .00; slaughter heifers choice 4 some ; three loads 62.00-63.00 mixed good and choice 3 56.00-60.560.50-63.0good slaughter cows breaking utility and com2 40 00; cutter and boning mercial 37.00-4- 1 50, few 42.00, load high utility dressing mostly utility 44.00; canner and low cutter 34.00-3- Butter and Eggs (UPI) SATURDAY PETTIES: LACES WITH COLOR Reg. $13.50 Fashion Foundations (310) special group 150 COTTON NIGHTIES. SO COOL AND PRACTICAL Reg. to$16 Fashion Lingerie (321 ) sizes 200 6.99 Reg. $20 Maternity Shop (150) broken group 300 SUMMER S 5'4" 'SEPARATES FOR Reg. toS60 Petite Sportswear (166); AND UNDER 50 4 off SORRY, NO PHONE OR MAIL ON LIMITED QUANTITIES 10-- 6; Reg. III CHEERS S12-S1- 5 - 5.99 .50 5 NECK MAGNIFIERS Fashion Hosiery (280); 50 0 back-to-clas- 100 JACKETS. SKIRTS. PANTS. BLOUSES IN SIZES Reg. 50 S40-$- 1 40 Designer Sportswear (161) . 125 SHORT SLEEVE ELEVEN 6 at least 50 . off 50 off Reg. Men's Sportswear (51 7) 22.50-37.5- 0 50 SWIMWEAR AND ACTIVEWEAR PANTS. Reg. to S66 Fashion Sportswear (165) TOPS SHORTS. atleast50 0 off 141 ELDER' 50 Bulk selling prices of by USDA butter and eggs as reported Tuesday: Butter: Prices paid to delivery nigner, '92 score A) 1.57 VI 58; (93 score AA) 1.57 Eggs: Prices paid to delivery unchanged; prices to retailers (Grade A, in cartons, delivered): Extra large large medium 99c 1200 SKEINS LION BRAND 'DERBYSHIRE' Reg. 99c Art Needlework (654) yarns 79e 48 MIDWINTER Reg. $48 China (752) $24 off SHORT SLEEVE FANCY KNIT SHIRTS Reg. to $14 Fashion Boys (52 1 ) sizes 1000 WAYS TO KNOW 'MORMON FORTUNE BUILDERS' Reg. 2.99 Books (830) fascinating small gilt 7.99 . 100 J0HNATHAN STEWART KNITS. SPORT SHIRTS. PANTS SWEATERS. BLOUSES, Miss 10 Sportswear (153163) SETTINGS 'Wild Oats' pattern 5.99 0 7 SETS OF SAVANNAH SPARKLE 24 BLOUSES IN MOSTLY WASHABLE POLY FABRICS Reg. to S32 Fashion Sports wear (162) long short sleeves 9. 99 Reg. $25 Glassware (755) charming 185 HUBBARD DRESS SLACKS IN SOLID COLORS Reg. $40 Fashion Men 's Clothing (5 12) poly; 32-4- 75 SH.LONG SLEEVE BERKLEY BUTTONDOWN OXFORDS Reg. to $20 Sportique (164) separates Reg. $18 Bailiwick (5 13) - 8 EACH OF 4 SIZES 32-p- sets 14.99 19.99 2 SUMMER SHORT SLEEVE BLOUSES STILL GOING STRONG 6.99-9.9- 9 off 1.99 SIXTY-SIX'- s Men's Sportswear (515) knit shirts Reg. 3.99 40 ASSORTED GAMES FOR LONG WINTER EVENINGS 50 Toys (860) Christmas gifts, too class s CLOSE-UP- off STYLES AND COLORS $7 Fashion Hosiery (280) BY INOX FOR Reg. 10.95 Art Needlework (654) style 272 ATTRACTIVE CASUAL SHOES 48 Reg. to 12 COMBOS; 3 HANG BARS. SLIDING BASKETS. SHELVES Notions (610) steel construction closet space, six each size. 79.99 Reg. $140 up to 98" wide, style 51 10 69.99 Reg. $130 up to 68" wide, style 5100 off checks and patterns 10 DAZEY SAM II INSTANT BAGGERS Reg. 27.99 Housewares (762) plus accessory kit free 9.99 8.99 81 CARBON STEEL CHEF'S TOOLS KNIVES 34 GIRLS' SUMMER TOPS. SHORTS. SWIMSUITS 6 Fashion Children (421) sizes Reg. 30 75 CHESTERFIELD KNITS IN SOLIDS AND STRIPES Reg. $18 Bailiwick (513) colorful halt price buys 99t-6.9- 9 130 ZCMI BRAND JEANS. SKIRTS FOR FALL ALREADY. FAMOUS ONES Reg. to $40 Loft Sportswear (173) broken sizes 35 SUNDRESSES 3 ... 4.99 5.99 Reg. to $36 Loft Dresses ( 1 72) broken EACH SIZE RED LABEL Reg. 9. 99-1- "' POL Y HANG TEN SEPARATES. Reg. 40 200 TOPS 7.93 Loft Sportswear (174) TODDLER DRESSES IN PRETTY VARIETY Reg. 27 S14-S3- 2 MOSTLY STRIPED S21-S3- 6 Fashion Children (412) sizes 2-- 4 75 SUMMER BLOUSES 50 off SOLID COLOR CROP TOPS FOR GIRLS ' Reg. $20 Girls World (422) sizes 9.99 ) Reg. S15-$1- 7 - stdqnking 9 4.99 SILVERPLATED PIGGY BANKS WORTH UP TO $15 Reg. 6. 99 Silver Room (753) special 3.99 50 GLASS HURRICANE LAMPS IN THREE SHAPES Reg. S15 Gifts (754) indoor outdoor illumination 2.99 10.99 32-4- 0 THIS IS YOUR LAST CHANCE Budget Sportswear (91 5) variety; 3.59-10.1- 70 PLACE MATS AND NAPKINS IN LOVELY VARIETY Reg. 4.50 and 2.25 Fashion Domestics (741) 2.991.29 MACHINE WASHABLE SOLID COLOR SLACKS It pert. $25 Budget Menswear (962) waist Housewares (761) five styles. 7.99 6 320 30 9 40 'FLIRTATION' BLANKETS: TWINFULLQUEENKING 15.99-25.9- 9 Fashion Domestics (742) in color Reg. S25-$4- 5 PILLOWS 99 Budget Domestics (971 ) 5.99-16.9- 8.99 REGULAR OR SLIM Reg. $15 Budget Boys (950) blue denims; 50 FOR NOW. NEXT YEAR Reg. 8-- 1 8. .4.99 24 SHORT SLEEVE TROPICAL PRINT SHIRTS BY ASPIRA Reg. $16 Budget Menswear (963) three colors; .5.99 50 COLORED TEE SHIRTS. SOME WITH CHEST POCKET Reg. 5.50 Budget Menswear (961 ) poly cotton 50-52.99 0 . L 200 LONG AND SHORT SUMMER STYLES some Reg. to $25 Budget Robes (933) 00. 2,500; butchers moderately active, lbs 2 00 mostly 1.00 lower except 0 lower and weak at the full decline; 5 few lbs 50.50-51.00 ; 190 lbs 45.00; 3 44 00, sows under 500 lbs sows weak to 0 00 lower; heavier sows 50 higher; 0 44.00 ; 0 42 few 47 8 00. Sheep 150; not established at 10:30 Hogs CHICAGO off E $4-$1- OMAHA (UPI 9, 48.35 48 70 48 82 51.25 51.27 50 85 51.15 51 25 Feb 48 20 48 30 47.90 48.20 48 17 Apr 51.85 52 05 51.75 51.90 51.95 Jun Est. sales 3,768 contracts, Monday's sales 6.349. open interest 23,205 up 465. 38,000 lb; cents per lb Pork Bellies 66.10 66.10 65.25 65.55 66 17 Feb 64.80 65.05 64.30 64 40 65.30 Mar Aug 5'4" 10-- Y 66 40 Jan Mar Est. sales 677 contracts; Monday's sales 671. open interest 6.943 down 67. 30,000 lb; cents per lb Live Hogs 47.15 47 30 46 82 47.17 47 20 Oct Dec PROPORTIONED FOR THURSDAY-FRIDA- Low 63 82 63 87 63 32 Dec STOREWIDE SAVINGS Reg. to $60 Petite Dresses ( 132) sizes Chicago Merc Tuesday: mmmmmmm 20 214 PIERRE CARDIN Reg. $12-$2- 0 EARRINGS-NE- WE SAY MORE? ED Fashion Jewelry (21 1) assortment 30 38 off DENIM JEANS FOR LITTLE GIRLS Reg. $14 Budget Children (94 1 ) toughies; 4 S12-S1- 5 Fashion Hosiery (280) colors, sizes off 9.99 COOL. PRACTICAL COTTON NIGHTGOWNS Reg. $11 Budget Lingerie (931) sizes .50 XL 8.99 20 CASUAL SHOES IN POPULAR CLASSIC STYLES Reg. 11 interest Rate Intentions Michael K. Evans markets. In other traders have been e THE HtlRALD. Provo, I'tah. and the business world and that rates "might" be raised if the money supply started to fixed-incom- 14 29. What is happening on stock markets Txiua&iees' Cloud WASHINGTON .Vt FINKSI)AY. 3.99 |
