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Show New York Stock Exchange - June 24, 1983 NEW YORK (AP) The stock market showed little change Friday, closing out an erratic week. But pharmaceutical and airline Issues provided some life with strong gains. The Dow Jones average of 30 industrials slipped .10 to 1,241.69, finishing the week with a net loss of .50. Volume on the New York Stock VOLUME 80,810,000 SHARES unchanged 414 ISSUES TRADED Exchange totaled 1,993 DOWN The Salt lake Tribune Market Closes After Erratic Week The Market In Brief shares, against 89.09 80.81 at .17 count on the Big Board, while the exchange's composite Index dipped .02 to 98.82. those stocks on regional exchanges and in the market, totaled 92.87 million shares. Nationwide turnover in NYSE-liste- d issues, Including trades in Standard ti Poors index of 400 lost ,20 to 192.65, and SAP's 170.40. B7 rities Dealers, The NASDAQ composite index for the market, up 1.58 at 328.91, and the American Stock Exchange market value Index, up 4.67 at 492.76, both established new er ls Saturday, June 25, 1983 The National Association of Secuwhich oversees the market, said tradin the volume NASDAQ system, ing at 85.20 million shares, surpassed volume at the NYSE for the second composite index was down 500-stoc- k time highs. on record. million million Thurs- day. 795 Strength in the drug stocks was attributed to a recommendation of several issues in the industry by Morgan Stanley & Co. The airline group, which has benefited lately from signs of economic recovery while fuel costs remain relatively low, helped the Dow Jones average of 20 transportation stocks post an 1.68 gain to 589.29. Otherwise, analysts said the market was taking a pause after its rise to record highs this month. The news Thursday of a record 829.29 billion deficit in the federal budget during May made some investors uneasy. In addition, doubts persisted about the outlook for Federal Reserve credit policy and interest rates, given the recent rapid growth of the money supply. After the close, the Fed reported that the basic measure of the money supply fell 3.2 billion In the week ended June 15, offsetting some of the 85.6 billion increase posted In the previous week. But the figures still showed the money supply growing at about a 13 percent annual rate over the last three months far above the Feds targets. Interest rates rose moderately in RC Beverage Co. Distributes Like ' The Royal Crown Beverage Co., a of the Bot- lubsldliry tling Corp., hat been granted the distributorship for all Royal Crown product! after the former distributor, Bottlers, opted to distribute the new Like cola. Robert Cheek, sales manager for Royal Crown Beverage Co., said the firm will distribute the Royal Crown product! of RC Cola, Diet Rite, RC 100 and sugar-fre- e RC 100, as well as the Neiil flavor line and the lemon-lim- e drink, Upper 10. is one of the top 10 bottlers in the country with 15 plants. The local subsidiary received publicity In March when it demonstrated the severity unemployment situation in the area. Nearly 800 applicants appeared when the company advertised 22 job activity Friday. credit-mark- Advancing issues and declines ran almost dead even in the overall openings. Firm Denounces Breach Plan Continued from Page 4 Weber and Bear Rivers has become moderated next year, he said, is canceled out by the fact that Utah Lake and Bear Lake, whose waters eventually drain into the Great Salt Lake, will have to have major water releases next year to accommodate spring runoff. There is no drain from the Great Salt Lake, ultimate repository of those excess waters, he said. Forecasts of lake rise this year have typically been on the short side, he said. In January, they were predicting a 4,202.6 feet peak. Were already two feet over that level. Mr. Behrens also said the head differential" that is, tha three-fodifference between the levels of the two arms Is the result of the wettest weather year in history and should not not be considered as basis for alleged future benefits of opening the causeway. B-- Increasingly freshened. South arm users three salt pro- ducers and Amax Magnesium as they did In 1976, are urgCorp. ing breaching. They contend it differwould equalize the three-foo-t ence that now exists between the higher south side and the lower north arm. They contend that it will drop the south arm by 14 inches and raise the north arm by 22 inches. The rising lake level, they say, already has inflicted severe damage on their properties. They say they face even more damage if the lake continues to rise. Mr. Behrens said Friday that he expected the lake level to continue to rise and that breaching is not a sound long-tersolution. Any exlake rise might be the that pectation ot m Dan Dorfman Will the Fed Tighten Reins On the Economys Growth? Continued from Page within two months. Her stock market outlook: About a 10 to 15 percent correction in the same period. B-- 4 rime rate scooting over the next ew months to 12 percent from the current lOH percent. He predicts a drubbing in both the stock and bond markets, with equity prices falling 10 to as much as 20 percent. DUPONT PAINT Dean Witter Reynolds chief economist Arnold Moakowitx goes along with the expectation of higher rates (between August and September), but hes not looking for the roof to cave in. He expects only a modest rise and only modest selloffs in the financial markets about 4 to 5 percent in bonds and perhaps 8 to 10 percent in equities. Virtually No Choice Economist Carmen Reinhart of Bear Stearns & Co. takes the tack that the Fed has virtually no choice but to tighten the money supply soon. Failure to act now, she says, could jeopardize the Feds recently-establishe- d credibility as a tough, inflation fighter. In fact, its Reinharts contention that part of that credibility has already diminished in the face of a Fed policy that continues to permit rapid expansion of the money supply in a period of rising economic expansion. EJjATC ' ':fs4 Historic Comparison a . n i ' .1! ' $4.79 !'t" r ftr. , mrr ry -- ft ft RAIN JET OFF 25 Off Cook Lumber's Save 25 already every day low prices on all Rain Jet Products and $2.99 Sprinkling Systems FREE System Design Kcawcsre Utility t Rehabilitation , i i ' ' t r-- ' ; ?' Ted Ecu'.".', 576131 fire Extinguishers :i 'ir.il HfJ'i 4 f o. - v . 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He reasons that inflation will reWhen the Fed does correct and an estimated 4 percent main low cut back on bank reserves, says rate this year and 4 to 5 percent In Reinhart, expect a very negative re84 because wages will be under action in both the stock and bond she says, markets. Near-terpressure In the face of high unem"were very negative on the bond ployment. Treaipa'rket. Sne 'thinks long-terMoskowitzs economic outlook sury bonds, "iuw yielding close to llv 'calls for real GNP annual gains of percent, could Experience a risiof 4H to 5 percent between now and about 80 basis pbinfl' (dt 0.8 percent) 85. Reg. $9.99 to $13.99 '' I' .gi" !l ' a, SAV coveries from the past two business downturns. CLOSEOUT lp,fisi Come In and register tfl win Bond ATC ; to be given pway , on Saturday, 'July 23, 1983 at 6:00 P.M. No 'purchase necessary; Must be 18 years or older to win. He relates these expectations to the size of the declines that occurred in both the stock and bond markets 1971 and 1975 In the two years that marked the beginning of the re- as a barometer M-- l thats demand deposits, currency in circulation and NOW accounts money supply has risen at a monthly double-dig- it pace over the last 10 months. And in May, the annual rate was a surging 30 percent. 1 CT ira tOUAlHOU&NO ommruNmr 6533 South State, Murray wp 262-665- 1 1 jH.ji m. m. 4 Jpte.41. M4 A |