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Show TEN MOST WIDELY FOLLOWED irn oL7rI'' kj wivt 1: (J I All 1 The Salt Lake Tribune. Saturday, August 21, Orrlprc for Diiro hie Goods Tin 3 .m. - m- By Sally Jacobsen Associated Press Writer New orders at U S. WASHINGTON factories for machinery, furniture and other durable goods rose 3 2 percent in July, after falling in the three previous months, the government said Fnday. The increase in the number of orders for relatively expensive and items was the biggest in almost two years but the value of the urueis was still 12 percent under that of a year ago, the Commerce Department said in its new report. Commerce economist Ago Ambre called the new report a hopeful sign" for the economy. "Its an upturn and its always good to have an increase." Positive Sign David Ernst, vice president of Evans Economics in Washington, D.C., agreed it was a positive sign for the economy. These numbers But he added, bounce around a lot from month to month . . and I would hesitate to say this is the beginning of a trend. long-lastin- g Firms Rich Uncles Help Home Buyers Meet Bills At most current prices and interest rates, home buyers today cant afford the payments or qualify for the loan. What they need is a rich uncle, Nays Douglas A. Wyatt, chief executive officer, Wyatt Gines Inc., Salt Lake mortgage and investment company. That is, in fact, the trade mark name of the program offered by the firm: "Your Rich Uncle Program or The Mortgage Underwriter designed to bring home buyers and rich uncles together. "The objective is to bring individuals in the higher income and tax levels in as partners with persons buying homes, he said. 'Nation of Renters "Unless the personal investor steps in and helps the (current situation) we will become a nation of renters and this will do havoc to life in the United States, Mr. Wyatt said. The program has the home buyer .elect a home, pay a minimal down payment of 5 percent and apply for a mortgage. The investor agrees to on the mortgage liecome a with the homeowner. The buyer and investor close the deal at a lending institution. The buyer contracts the sale of the home to the investor to protect him and leases the home from him with an option to repurchase from the partnership formed by Wyatt Gines. would-b- e The investor receives a tax shelter for the money he invests and which is said to be some $3,000 minimum. The partnership, says Mr. Wyatt, provides professional management of the property. The investor has a tenant in the home with an economic interest. He will take care of the property. And the investor can see his cash flow and taxes, Mr. Wyatt said. The home buyer must repay the mortgage assistance of $9,000 hie has received plus 9 to 10 percent interest. The buyer has nine years to exercise the option. Mr. Wyatt noted that assuming an 8 'percent home appreciaction compounded annually, a $65,000 home is worth $95,506 in five years. However, the sale price under the option is $77,118, he said. . I dont think businessmen are going to be of the mind to invest in their plants until the end of the year, he said. July's increase was fueled by an in orders advance for non-milita- - City-base- f ys U 7 Tn lv in a.Jkm m-- M. capital goods, to $21 3 billion, after falling 2 3 percent in June and falling 5 2 percent in June and 10 1 percent in May. the new report said percent ui May That compared with $H7 6 billion Total new orders in July ruse to a 1981. the department said July billion 9 after $76 seasonally adjusted $1 78 a share, on sales of $143 J OS in Without a 14 7 percent drop in order' for defense capital goods. July's overall measure would have risen 4 6 percent Nortons Earnings Decrease Special o The Tribune Norton Co., WORCESTER, MASS. d parent of the Salt Lake Christensen Inc., reported sharply lower second quarter and half earnings. Donald R. Melville, president, blamed world decline in industrial activity and the recent slowdown in petroleum and exploration in the United States. Christensen is the world's largest producer of drilling bits for the petroleum industry Second quarter earnings were $13.9 million, or 86 cents a share, on sales of $333.2 million. That compares with restated earnings of $30.6 million, or 9, - 1982 Ambre said nullum 1 Last month's increase was the shar the ear-agquarter. pest since the 7 2 percent gain of Earnings were restated last year to September 1980 reflect adoption of a new foreign Other Figures currency translation accounting rule. Mr. Melville said. The report followed by a day other Commerce Department figures showearnings were $35.3 million, or $2.04 a share, on sales of $667.3 ing the economy grew at a wak annual million Restated earnings for the year rate of 1 3 percent during the second ago half were $353 3 million, or $3.11 a quarter, rather than at the 1 7 percent initially reported. It had fallen sharply share, on sales of $670 7 million. in the previous six months Mr. Meville said no signs of industrial That report also indicated that corporecovery apiear. "However, because each of Nortons businesses is rate profits declined in the second positioned in the markets it serves, we quarter but at a smaller rate than the d fall of the January March expect to participate fully in the industrial recovery when it occurs. quarter. in o Six-mon- th near-recor- SOLID VALUES FOR YOUR HOME THE DISTRIBUTOR WAS OVERSTOCKED AND WE MADE A DEAL. YOU GET THE SAVINGS, NOW! Friday is Granite's only nite til AIR CONDITIONERS Mortgage Unlikely The home buyer would probably never qualify for a mortgage without such a program, he said. The home buyer who would normally have the benefits of the tax deductions on his income tax for the interest portion of his house payment is, in effect, trading that for $9,300 in mortgage assistance payments. When the home is sold, the investor receives distribution of the proceeds. Mr. Wyatt claims more than a 50 real rate of return for percent after-ta- x the investors. He said the first partThe investor is indemnified by the nership of investors is being put partnership for the mortgage. together this month involve and $3 The home buyer receives what million in residential mortgages. amounts to payment assistance. The Investors, he said, are limited partfirst year he receives $225 monthly, $200 ners with the firm as the general a month the second year, $175 the third, partners. The firm plans a display at $100 the fourth and $50 the fifth or $9,000 the Parade of Home which opens at the total. Salt Palace. M er The Whirlpool Distributor Was Overstocked On Room Air Conditioners And We Contracted To Take His Entire Inventory At Tremendous Savings. If You Want To Fine-quali- ty Enjoy A Cooler Home, Opportunity And Save! August Money Supply Is 4Flat, Federal Reserve Reports Says By Steven P. Rosenfeld Associated Press Writer The nations money supply was virtually unchanged in the Federal Reserve Board said Friday in a report that provided a rare note of stability to what has been one of the most turbulent weeks for interest rates in the nations history. It was the eighth straight week that Ml, a measure of funds readily available for spending, had remained within the growth targets set by the Fed, signaling a quiet time ahead for interest rates in the next month, said economist Robert Sinche at the investment firm of Bear, Stearns & Co. The money supply really doesnt mean a whole lot unless its going to change direction dramatically one way or another," said Sinche. The Fed reported that Ml, which includes cash in circulation and checking-type deposits at banking institutions, fell $100 million in the week ended Aug. 11, to a seasonally adjusted $453.4 billion. Such a change is viewed as NEW YORK t, Computer Company Notes Big Sale Evans & Suterland Computer Corp., Lake City, has announced a sale of a CT5 high performance visual generator to Northrop Corp. of Hawhthome, Calif., for use as part of an engineering simulator. The CT5 is a special purpose computer that generates television-lik- e pictures of the view out of the windows of a vehicle such as an airplane in reponsc to location data provided by a simulation computer. E&S president David C. Evans said the Northrop system is the fourth such system sold for engineering purposes and the third sold in 1982. Salt insignificant in financial circles, where Sinche called it pocket change. No Change at All? There would have been no change at all if the Fed had not first revised the previous weeks figure up by $100 million. For the latest four weeks, Ml averaged $452.2 billion, a 0.4 percent seasonally adjusted annual rate of gain from 13 weeks ago. The Fed has attempted to hold Ml growth to from 2.5 percent to 5.5 percent this year. Too slow a growth, however, can choke off economic activity. The Fed began aggressively pumping money into the economy a month ago, cuts in its in a series of three half-poidiscount rate, the interest on its loans to banks and savings and loans. Some interest rates rose slightly late Friday in an apparent reaction of disappointment from investors when the discount rate remained unchanged. Predict Another Cut analysts Many predict another cut to come in the weeks ahead. nt But other rates tumbled over the past week, including a series of cuts in the prime lending rate, the base upon which banks compute interests charges on loans to their best-ris- k corporate customers. The prime rate stood at 15 percent a week ago and by Friday was down to 13.5 percent at many large banks. Rates on three-mont- h Treasury bills slipped as low as 6.5 percent Friday before climbing above 7 percent by days end. Economist Jeffrey Leeds at Chemical Bank said the latest money supply report spurred very little reaction in the nations money markets, and that while interest rates could rise slightly in a technical response to the past weeks buying spree, the gains would not be sufficient to cause the prime rate to rise again. R Seize This SPIC1M WHAT A Plugs into a regular outlet to cool your room. This lt model has air direction fan, two-wa- y exhaust control, and energy-savin- g 115-vo- two-spe- fan options (intermittent Model ed and adjustable thermostat). You can enjoy the ComfortGuard control that helps maintain the comfort level you select. Has Instamount for fast installation. AHJ-005- -2 5,000 B.T.U.HR SAVE $55 Factory List $275 7,500 B.T.U. MODEL HIGH EFFICIENCY MODEL You can Plugs into a regular outlet, but has three-spee- d fan and energy-savin- with this g SAVE SAVE $70 AHF-P50- Model -2 Offers high efficiency and 115-vo- lt molor. Has deluxe front three-spee- d fan, energy-savin- g options, thermostat, two-wa- y air direction, exhaust control, for fast installation, and Instamount that helps maintain the ComfortGuard comfort level you select easy-to-inst- all air conditioner. features. Model sleep cooler tonight AHJ-075- -2 No additional wiring required for it plugs into a regular outlet. 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