Show "i 2E Standard-Examin- Tnrmnf " "w NEW YORK (UPI) — Stocks scored broad and steep gains while shattering several records this week as the spring-summrally roared into its fourth month with er institutions buying cash-lade- n IN CENTRAL UTAH weepum o such as the one that new house sales rose 16 percent in June from May and the slight imnprovement car sales as signals the in late-Jul- y recession has bottomed out The Federal Reserve said consumer credit declined a record $346 billion in June after a $343 billion drop in May and a $199 billion slide in April Wall Street is more interested in July’s figures which should show an increase The one thing that could hinder the market’s upswing is a resurgence of inflation Wall Street may get a hint of what’s happening next Friday when the government is scheduled to report on wholesale prices Composite volume of NYSE issues listed on all US exchanges flooded with cash Now that yields on money market instruments have declined ‘stocks are getting the play Also figuring in this week’s surge was short covering or the replacing of some of the record 64 million NYSE borrowed shares sold earlier in hopes that prices would fall Many traders have been burned in the price surge By FRANK W SLUSSER UPi Business Writer heavily The Dow average which gained 1339 points last week climbed 2321 points to 95469 the highest level since it finished at 96102 on March 18 1977 The closely watched average has risen 195 points since it dropped to 75913 on April PROFIT-TAKIN- bit of occurred late Friday and some observers said this trend could continue into the early part of next week But A profit-takin- g they’ve been expecting that for weeks and no significant selling has developed The rally has been sustained by indications that the Federal Reserve was not tightening credit as and over the counter totaled many observers had feared Rates 289404580 shares compared with on federal funds banks loan one 274435050 last week 21 barometers did even better than the Dow The New York Stock Exchange index gained 137 to a record 7081 and Standard Broader-base- d k index jumped Poor’s 240 to 12361 also an e high Advances topped declines 1246 to 686 among the 2120 issues traded 500-stoc- all-tim- another overnight dropped to an unbelievable 2 DRUG STOCK ACTIVE momentarily percent last Tuesday However this key rate was higher on the week Yields on Treasury bills rose at the weekly auction Monday Other short-terrates have been climbmore for than a week But this ing did not bother the investment com- TRADING UP Big Board volume totaled heavy 253357670 shares compared with 239282080 last week and 188934750 traded during the same week a year ago The heavy volume and block trades provided the evidence that a Squibb was the most active to 28 issue off 5 & Squibb’ drug used as a last resort has triggered heavy selling of the company’s stock munity PRIME RATE UP Gulf Oil was the second most Nor did the news that Chase active issue up 2 Ya to 43 Boeing Manhattan Bank and Chemical which reported second-quarte- r Bank raised their prime lending earnings of $161 a share versus rate to the prevailing 11 percent $125 a year ago was third up Ya to level from 10 aA percent Only a few 37 banks had a 10 percent rate Chrysler rose 1 Yz to 9 Ya in heavy Investors are treating reports trading The company is counting anti-hypertensi- on Adds Morgan Stanley’s Heinemann “It seems clear that a NEW YORK (AP) — Many com- mentators are suggesting the recession is near its end But some analysts still believe Americans will be hearing a fair amount of disheartening economic news in months to come “The recession is not over” says economist H Erich Heinemann of the brokerage house of Morgan Stanley & Co Inc “Despite the marked slowing in the rate of economic decline the contraction is continuing” he says at least moderate inventory liquidation is just now getting under way” The impact of interest rates on DEEP AND PROLONGED? “Although we do not expect com- ing quarters to repeat the drastic second-quarte- r decline in nonfinan-cia- l companies’ product (or output) of roughly 12 percent at an annual rate we continue to expect this recession to be deep and prolonged” says the economic consulting firm of A Gary Shilling & Co Inc “We continue to expect economic activity to remain weak through the end of next year” the report says The pessimistic predictions have come despite the government’s announcement that its index of leading economic indicators which is designed to forecast trends rose 25 percent in June — its first increase in a year “In past recessions an upturn in the index preceded a recovery by three or four months on average” Thus “the rise in the leading indicators in June after a year of persistent declines could mean that the economy may begin to recover several months’from now” speculates European American Bank While the bank cautions that its other prediction is tentative to several forecasters point signs — including rising business inventories and interest rates and weak may be that con- period of the housing industry — along with autos one of the centers of this year’s recession — also is being watched closely MORTGAGE RATES After soaring to 18 percent last spring home mortage rates slipped back to around 11 percent In recent weeks however mortgage rates for borrowers have climbed as high as 1275 percent in some areas amid a general interest-ratrise Bankers say the rise is likely to attract savers’ dollars to Treasury bills and money-markmutual funds — and away from he savings institutions that provide the bulk of the nation’s housing money That in turn could mean even scarcer top-ranke- One major sign is the condition of In the 1973-197- 5 recession manufacturers d e et and more-expensi- mortages ve which could further depress a hard-hi- t A industry third important factor in the home-buildin- g outlook is the future of consumer spending the “engine” behind the last economic recovery The Federal Reserve Board reports outstanding consumer installment debt fell a record seasonally adjusted $346 billion in June after declining $542 billion in April and May as skyrocketing interest rates and the government’s program pinched borrowcredit-contr- ol ers DEBT MAY EXPAND The recent elimination of the controls on borrowing may allow consumer debt — and buying — to start expanding again But July’s sales figures from the nation’s largest retailers suggest consumers still are wary In the past week’s business and economic news: — The government said collective-bargaining INVENTORIES VIEWED business inventories Sav-On-Dru- gs On the American Stock Ex- change the market value index climbed 569 points to a record 31941 Advances topped declines 488 to 309 among the 948 issues traded Volume totaled 31678555 shares compared with 30606610 last week and 20853240 traded during the same week a year ago Gulf Oil of Canada was the most active Amex issue off Ya to 27 Ya Michigan General followed up Y to 2 Ya Bow Valley Industries was tthird off Ya to 21 Yz Delhi International Oil rose 5 Ya to 67 in active trading Company directors have decided to explore the possibility of selling the company or making a merger The National Association of Securities Dealers’ NASDAQ OTC index rose 339 to a record 17588 agreements reach- ed in the first half of 1980 averaged an 85 percent wage boost up frm 74 percent for all of 1979 home in the 19th “Those reporting lower inventories” have reached “a level not seen since August 1975” the association says CROSS WORD PUZZLE ON PAGE 2D ANSWER TO TODAY'S PUZZLF first significant synthetic fuel production facility in the history of the state “We expect to have our permits within 60 days and are narrowing down the location for the facility” he said “By Jan 1 we’ll be putting out 50000 gallons a day and by next June we hope to be producing about 220000 gallons a day” An admirer of hard With nearly 11000 the King is the founder and authentic items housed in overseer of Willow-broo- k at Newfield an ng eye-catchi- inven-tivene- of a country 1900 “I think the 19th century was the most progressive era in this country’s carriages maintains the country went down the of socialism path with the New Deal King opened Wil-lowbro- 1970 ok five years after he first arrived in this tiny southwestern Maine town to build a private hunting camp He built his lodge but also wound up buying the center of town which was nearly abandoned and overrun with knee-higgrass along the main street h One of the properties was a huge barn which King and his wife decided to con- “one-lunge- r” engines and his- says King who ss of the mechanics and craftsmen whose work it preserves Displays include noodle cutters buggy vil- lage as it might have existed from 1870 to in 27 build- ings the museum is a tribute to the re-creati- tory” in- dustry 66-year-- antique bicycles King a native of New Haven Conn comes from the same e mold as those tinkerers a old-tim- self-educat- ed master $3 million of fact that it’s 8CO King’s feisty inde- pendence is reflected in his insistence on maintaining Willow-broo- k as a private my house through a Realtor? can sell it myself and pocket the commission Right? ANSWER: Never underestimate the hard financial bargaining ability of the average buyer Spend one day in the field with any Realtor negotiating and handling offers and counter-offer- s and you'll I'm what saying Frankappreciate if the typical buyer knows you ly are not selling through a Realtor right off the bat he'll expect you to deduct the commission for HIS benefit before you even START serious negotiations Then you're on your own possibly at a great disadvantage in i f ip jimiTl iim i4 i with a Realtor M5B0NUS AVERAGE ANNUALYIELD 30 MONTHS goTo compounded IU O annuai m compounded semi-annual- y 25bonus BONUS n AVERAGE ANNUALYIELD P””' semi-annual- Purchase the certificate of your choice bonus to your certificate amount ac 3EZZ3C 313 ly add the cash We’ll uif N'jmi'f A Name Address City Zip Social Security Number Send me Thrift Certificate in the amount of for a period of months My check is enclosed Send cash bonus Apply cash bonus to certificate amount $ BONUS OFFER EXPIRES OCTOBER 15 1980 1 AiVUlfUial 13" 9" COLOR COLOR TELEVISION UHFVHF Antenna included $219 Full factory warranty Priced like a TV but it re-co- YOUR CHOIC BRAND NEW TV Jk COMPUTER GAMES IN ATARI STOCK! AMANA WE BEAT ANY PRICE!!! Large x turn xsx - go CARTRIDGES V— 135 Cu ft oven warranty on part and labor 700 watt cower " 6 HOUR 7 DAY VIDEO CASSETTE RECORDER Until you have seen the world's With Special lightest weight 999 Effect portable pit-fal- 132 lbs to iliuitration PROGRAMMABLE DON'T BUY THAT VIDEO RECORDER Only i S milar SPACE INVADERS IN STOCK WE BEAT ANY PRICE i of cook’nQ m95 He'll sell it for you PASSCARD SAVINGS compounded j — without hitches for the best price and in the shortest amount of time - semi- ly PRICED FROM the intricate areas of financing negotiating and protecting yourself from all sorts of ls You've got a lot invested in your home It makes sense to list it elf AVERAGE ANNUAL YIELD ly "'lErrscnsic Internal Revenue DON'T UNDERESTIMATE BUYER sell semi-annual- y BONUS -3- -1 AVERAGE ANNUAL YIELD term trust REALTOR I AOZO 82 a siders having a say in how he runs Willow-broo- k King has arranged to place the museum in a long- By DON SELLERS I B primary reason” he says He also fears government largesse could lead to bureaucrats or out- ing marketers of lubricants --1 this size anywhere in the country” says King who makes a point of rejecting grants contributions or volunteer help “I don’t think taxpayers should pay for my folly That’s my 3£ QUESTION: "Why should semi-annuall- ly the last privately owned museum of of the nation’s lead- ' rffT'iiltttTT’rTrVl compounded semi-annual- 18 MONTHS 9EZO O compounded “This is probably corporation Q’s &A’s xV- compounded 24 MONTHS their allegations stand that has become one Real Estate O 5bonus business” But he mechanic who supervised the construction of large industrial plants He later ventured into the oil business parlaying $500 of borrowed money into a Texas-base- d vert into a children’s museum perhaps in- business even vesting $50000 or so though it’s awash in in the project But red ink “We operate that idea soon gave at a deficit of $20000 way to more ambiti- to $25000 a year ous plans for a 19th which is perfectly century restoration satisfactory to me” “It’s just grown he says and grown and He admits that his grown” says King operation has raised who already has some eyebrows at the pumped ct IN MULTIPLES OF $500-- 1 12 MONTHS 6 MONTHS after me because says they’ve never been able to make carriage-buildin- g and independence by-produ- CERTIFICATES AVAILABLE Service which “gets after flourishing Maine towns of the period It’s much the way Newfield might have looked when it was a center of the work craftsmanship 3-- rt they don’t accept the the village is modeled cen- found a unique way to combine the substances to produce a fuel which is safe and clean The fuel can then be mixed with unleaded or regular gasoline on about a 1 ratio he said “We have the only way to introduce methanol into the fuel chain safely and in sufficient quantity” the company president said “We do it without corroding engines or damaging seals and without damaging the environment” Eventually the firm plans to set up a coal conversion plant in central Utah to provide raw materials for the Anafuel process Eames said Coke from the plant would then be resold new enterprise Friday at a reception at the Hotel Utah He said the Anafuel operation would mark the AVERAGE ANNUAL YIELD as Described Victorian” “country tury kept inventories relatively tight since then stocks of unsold goods apparently are building up again months” new synthetic fuels plant in central Utah and he says the operation will be producing 50000 gallons a day of “Anafuel” by next January Ronald E Eames announced the Builds Willowbrook seems perfectly at were burdened with costly stocks of unsold finished goods that had to be liquidated at a loss Although manufacturers have The National Association of Purchasing Management Inc reports the 225 corporate buying agents it surveys each month now believe inventories are being “liquidated at a faster rate than previous SALT LAKE CITY (UPI) — A mixed in a reactor to produce Grand Junction Colo business- Anafuel Eames said the inventor man has unveiled plans to set up a David J Townsend of Chicago has ON AMEX BOARD his own money into N E W F I E LD Maine (AP) — When he rhapsodizes about e the virtues it’s easy to see why e millionaire Donald F King Sr self-mad- economic tinuing Sav-On-Dru- gs Methanol butanol and light oil is By STEVEN CHRISTENSEN Neuroma I Museum old-tim- By WILLIAM GLASGALL AP Businas Writer Coloradoan to Build Synthetic Fuel Plant K-c- ar fuel-efficie- nt AAiBBoosicoir© Add — heavily on its new to boost sales General Motors the company many analyts believe will emerge from the present crisis in stronger condition than before gained 2 lA to 54 to 36 Yz in Koehring soared 12 active trading following news that Amca International a division of Dominion Bridge has offered $140 million for Koehring stock Tandy Corp climbed 9 Ya to 69 Yz in heavy trading This reportedly was one of the stocks that some traders sold short climbed 6 Ya to 17 Jewel Cos has agreed acquire for $18 a share FORMER INDUSTRIAL ENGINEER soy ©yft consumer spending weakness A Drug Administration panel’ss recommendation that be Food WEEK'S BUSINESS ©me NYSE-- listed m institutions were buying — almost in panic fashion at times No one wants to miss out on the rally that has to rate as one of the largest on record Institutions earned billions earlier this year when money ments were yielding 15 to 20 percent Also mutual funds have been ro irtnun riwriigi' "nrr°nir°Tm lytiwi Sunday August 10 1980 er tfoelks Me & u 6 HOUR Freeze Frame frame-by-fra- play back 24°6 VHS BLANK TAPES $1 Let's discuss your home buying or selling plans Call us at 801621-202- 2 or stop by Wardley Corporation Real Estate and Investments at 3065 Ogden Utah Washington Blvd 84401 We look forward to meeting you and answering your personal real es- tate questions OGESD |