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Show Fed to Retain Its Weekly Cash Reports The Salt Lake Tribune, Friday, November 13, TEN MOST WIDELY FOLLOWED STOCKS IN UTAH WASHINGTON The Federal Reserve Board has abandoned its plan to stop publication of the k volatile measurement of the nations money supply because of technical problems in preparing a substitute. Instead, in an effort to divert the markets focus from the weekly Mfigure, the Fed said it would soon begin publishing both a four-wee- k moving average and a moving average for M-- l. No date was set, but it is likely to start within a month. When a moving average is issued weekly, the oldest week is dropped from the compilation and the latest week is included. Although published every week like the current figure, Fed officials said the new four-wee-k and averages would smooth out the sharp fluctuations that often show k up in the reports. This volatility has been cited by Fed critics, including those in the Reagan administration, as one of the reasons interest rates remained so high until the slow decline that began last summer. The Fed disagrees with such criticism but acknowledges that the k volatility of the figure makes its Job of controlling the money supply more difficult NEW YORK (AP) chan. -l 2 Elected to Zions Board one-wee- one-wee- BSL Technology Sees Profit Lost for Year BSL Technology chief financial officer James F. Brownlee has announced that the company will post a loss for the year ended Sept. 30, due primarily to fewer orders and an increase in interest expense. Exact figures will be released in December. The company, which designs, manufactures and msintains medical computer systems, has readjusted its staffing and production levels and expects a reversal in fiscal year 1963, said Mr. Brownlee. Business Briefs IH Executive Sets Course For Survival Chicago Tribune News Service CHICAGO Donald D. Lennox, International Harvester Co.'s new chief executive, said he will continue the conserv ative course set by his predecessor in the companys continuing struggle for survival. Speaking at a press confer-- , ence Wednesday, Lennox said the course could include closing erne or two more plants, and the. company lives with the possibility of a Chapter 11 filing. Lennox, 63, said the companys suppliers have committed themselves to some 655 million in concessions, exceeding Harvesters 650 million goal. The debt restructuring is keyed to concessions from suppliers, dealers, employees and others. Harvesters lenders have agreed to convert 63 of debt into equity for each 61 in aid the firm receives from other sources. Stock prices The Market In Brief near the close Thursday, apparently responding to hopes for passage of a bill to give more favorable tax treatment to some investment profits. Trading was relatively quiet, however, with many financial institutions closed in observance of Veterans Day. The Dow Jones average of 30 industrials, down more than 4 points with a half hour remaining in the session, closed with a 10.21 gain one-wee- Neal A. Maxwell and Dixie Leavitt have been elected to the board of directors of Zions First National Bank. Elder Maxwell, a member of the Council of the Twelve of the Church of Jesus Christ of Latter-da- y Saints, is a member of the Utah State Board of Regents and bolds an honorary doctorate of laws from the University of Utah. Mr. Leavitt is owner and manager of Leavitt Insurance Group, a network of 55 independent insurance agencies in Utah, Nevada and Arizona and is a former Utah legislator. He was elected to the Utah House of Representatives in 1 1 Stocks Post Big Rally at Close During a Day of Slow Trading rallied sharply Editor, brokar conaantut; aubled to B 1961 192 and to the Utah Senate in 1964. He served in the Senate for 12 years and has been both Senate Majority Leader and Senate Minority Leader. Com Tel Notes New York Stock Exchange Nov. 11, 1982 VOLUME SHARES UNCMXWC.ID ISSUES Trading volume on the New York Stock Exchange slowed to 78.41 million shares from 113.24 million the day before. TRADED Com Tel Inc. has reported net income for its first quarter ending Sept. 90 of 6110,345, down from 6114,965 last year, even though sales and gross profits were up significantly. The company blamed higher research and development costs associated with developing a laser product for the situation. Sales for the first quarter were 6437,248 compared with 6371,232 for the same quarter last year while gross profits were 6170,687 this year compared with 6148,281 a year ago. During the quarter, the company sold its shares in its wholly owned subsidiary, Com Tel Metals. The sale included a note for 6255,662 to be paid in 60 installments. The bookkeeping entry shows a onetime net gain of 6189,380, raising total net income to 6293,144, or earnings of 4.3 cents per share As the session headed into its final minutes, financial news wires carried a report that a Wall Street official was hopeful about chances for passage of a bill to reduce the tax holding period for long-tertreatment of capital gains from a year to six months. Edward I. OBrien, president of the Securities Industry Association, assessed prospects for the measure as fairly good. Three times in the past two years, similar proposals have worked their way close to passage, only to be killed in congressional maneuvering. er er market in general, and brokers in particular. Some of Thursdays biggest gainers were the shares of publicly held Wall Street firms and s companies that own brokerage houses. Merrill Lynch, which at midsummer was trading around 25, Jumped 3ft to 70 and hit an e high. American Express, the newest component of the Dow Jones industrial average and parent of Wall all-tim- Short-tercapital gains are taxed as ordinary income, at rates up to 50 percent. The maximum tax rate on gains was lowered to 20 percent last year. Potential Stimnhu Traders evidently saw the prospect of a shortened holding period m as Streets stimulus fourth-large- firm, st an Express, gained 4ft to 69ft. m a potential Womans Beliefs Result in Death financial-service- last-minu- te long-ter- 1,938 DOWN 706 Late Report Income Drop r, 78,410,000 at 1,054.73. had no major impact on the market, although it did pose some new uncertainties for investors. Johnson & Johnson, which demonstrated new packaging to be used in its effort to restore the market for its Tylenol pain-killerose 1ft to 47ft. On the downside, Overhead Door, which reduced its quarterly dividend from 25 to 15 cents a (hare, fell lft to 13ft. About seven issues rose in price for every six that declined on the Big Board, and the exchanges composite index gained .33 to 81.76. Stock Turnover Nationwide turnover in NYSE-liste- d issues, including trades in those stocks on regional exchange and in the market, totaled 90.43 million shares. At the American Stock Exchange, the market value index rose 1.96 to 341.85. The NASDAQ composite marindex for the ket closed at 231.62, up 1.11. A.G. Edwards rose 2 to 96 ft; E.F. Hutton 1ft to 47ft, and Paine Webber 1 to 49. Analysts said news of the death of Leonid Brezhnev, the Soviet leader, to the - A OKLAHOMA CITY (AP) woman whose religious beliefs kept her from seeking medical help died of an infection that she developed after giving birth, officials said. Cheryl KJormoe and her husband, Jim, attended the Church of the First Born in southwest Oklahoma City and a similar church In Newcastle. The churches doctrine teach that members shouldn't be treated by medical personnel. Duke of Energy Buys Dickenson Lines Inc. Duke of Energy Corp., a holding company based in Oklahoma, recently announced that it has signed a letter of intent to purchase Dickenson Lines Inc. of Anoka, Minn., for stock. The acquisition, valued at about 61 million, is subject to approval of the corporations board of directors. Dickenson Lines Inc. rebuilds and refurbishes buses. The company holds contracts with the cities of San Francisco and Cleveland for such work. Construction on Mall Special to The Tribune OGDEN Construction has been completed on the basic structure of the M million, Woodbury Building, a major element in the new 650 million Ogden City Mall. Approximately 22 retail shops, two financial firms and other offices are expected to occupy the building. Owned by Downtown Properties Inc. and developed by Woodbury Corp. of Salt Lake City, the building, is located at Washington Blvd. and 24th St. on the site of the old J.C. Penney stoe. Penneys will have a store in the new mall. L, WsafiooinisiD Tirade-Din- ) Trade In Your Old TV for up to $300 off on something better 74,000-square-fo- ot Steel Firm Sued WASHINGTON -- The Department of Justice sued Youngstown Steel Corp. and its three chief officers Wednesday for 617.5 million, charging that they borrowed government money to rehabilitate a steel mill in a depressed area and failed to do so. Youngstown Steel, according to the suit filed in federal court in Pittsburgh, borrowed 610 million in May 1960 from the Department of Commerces Economic Development Administration to revitalize the steel industry in Struthers, Ohio. 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