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Show T- pm Big Board Surges Forward V . mi X' S .S' - usmess ) 5 cn TV 'A V- falit aribunf 1 ! Largest Advance In 7 Months 'T"'V ijimi 1 4 ' mm . By Steven P. Rosenfeld Associated Press Writer The stock market NEW YORK rolled up its biggest gain in more than seven months in a powerful advance Wednesday as interest rate jitters faded and hopes grew for further economic expansion. The Dow Jones average of 30 industrial stocks surged up 30.74 points to 1,227.86. It was the biggest t surge daily gain since the Section - 36.43-poin- Technology Issues, Technology issues were among the big winners, including Motorola, up 9 to 140 Va; ComputerVision, up 6 at 49; 93; Honeywell, up 434 Hewlett-Packar- to to 4 up 122; and International Business Machines, up 4 at 125. Big Board volume rose to 109.31 million shares from 74.03 million Tuesday. It was the 50th time more than 100 million shares changed The Market In Brief New York Stock Exchange July, 20 1983 2.36 97.84 N.Y.S.E. Index S. & P. 169.29-1-4.4- Comp. Dow Jones Ind. 1,227.86 Sit Chan hands on the NYSE, all of those coming since the stock market's historic rally began last summer. Nationwide turnover in NYSE-liste- d issues, including trades in those stocks on regional exchanges and in the market, totaled 126.31 million shares. Analysts said the rally was a response to congressional testimony by Federal Reserve Board Chairman Paul Volcker, which calmed investors fears that the Fed would push interest rates sharply higher and choke off an economic recovery. No Fed Threats Traders now believe "the Fed isnt going to threaten to raise interest rates," said Julius Westheimer, a partner in the Baltimore investment firm Baker, Watts & Co. "The market is going up because the Fed will accommodate an economic recovery, said Phil Roth, an analyst at E.F. Hutton & Co. Inc. There had been widespread concern for the past month that the Fed would have to tighten monetary reins again to curtail the sharp growth of the basic money supply, known as Ml, or risk rekindling double-digit inflation. Volcker said Wednesday that (See Page C-l- l, Executive Retires ZCMI Chooses New Slates a 3-fo- By Robert H. Woody Tribune Business Editor deZCMI, Salt Lake store chain, Wednesday partment announced election of a new presistock split and an indent, a crease in the quarterly dividend. Joseph A. Anderson, formerly executive vice president, becomes president, succeeding Oakley S. Evans, president and chief executive officer for 10 years, who will retire. The change is effective Aug. 1. Stockholders of record Aug. 12 are to receive two shares for each share held. The additional shares will be issued Aug. 25. The firm also announced approval of a increase the quarterly dividend from 38 cents to 45 cents. The organizational change will end 48 years of retailing for the Oakley Evans, who had already retired from the J. C. Penney Co. as director of corporate development when he took over the helm of ZCMI in 1973. During his term, the company three in added four new stores and net Utah and one in Pocatello annual sales increased from $52 million to more than $141 million last year. City-base- d - 6 30.74 L4kf Tribune Wendell E. Adams Joseph A. Anderson New ZCMI president blue-chi- p best-know- n Column 1) 21, 1983 Page 8 C Boise Cascade Reports Second Quarter Gains of Nov. 30, 1982 Gains were recorded by all 30 issues making up the marindicator. Overall, kets more than four stocks rose in price for every one that fell on the New York Stock Exchange. July Thursday Morning i Evans Oakley Ends 48 year Career S. President, Stock Split r-l The firm now has eight stores. An ninth store is under construction in Idaho Falls, Idaho, and will open in early 1984. Mr. Anderson, with ZCMI for 33 years, served a in variety of posts. He also is a director. The firm also announced retirement of Wendell E. Adams, vice president of personnel and services. A board member since 1964, the Mr. Adams joined the firm in 1946 as personnel manager. Mr. Adams will be succeeded by Lowell M. Durham. Mr. Durham, formerly president of Deseret Book Co., recently joined the firm as vice president of corporate development. The stock split will increase shares outstanding from 720,000 to Special to The Tribune BOISE Boise Cascade Corp.'s net income for the second quarter of 1983 was $17 million, compared to a net loss of $8.4 million for the same time a year ago. The income for the second quarter of 1983 equals 54 cents a share. It was 32 cents a share the same time dervalued, he said. Book price, that is the value per share on ZCMI assets (net inventory, and the replacement value of properties, equipment, etc.) is $59 a share, he said. last year. The corporation's net income of $28 1 million for the first six months of 1983 compares to a net loss of $2.9 million for the same time last year. Sales during the first six months of 1983 were $1,640 billion, compared with $1 455 billion for the same peri- Major shareholder, with 44 percent of the shares outstanding, is the Church of Jesus Christ of Latter-da- y Saints. The share split does not alter that ratio. ZCMI, a pioneer institution, was founded by Brigham Young Oct. 15. 1868. "It is our duty to bring goods here and sell them as low as they can possibly be sold, and let the profits be divided with the people at large," he had said. od in 1982 Boise Cascade, based in Boise, employs 350 people in Utah. Its facilities include an office products operation, building material distribution center, area office and a retail outlet in the Salt Lake Valley; a corrugated container plant in North Salt Lake and a building material center in Layton, Moab, Murray, Ogden, Orem and Tooele. Boise's sales for the second quar ter of 1983 totalled $869 million, to $741 million for the last year. Fery, chairman of the chief executive officer, g attributed a resurgence in and the corporations efforts with influencing the quarters results. He said the corporations wood products business emerged from the longest and deepest slump since World War II. Mr. Fery said the period's profit was the first for the companys wood products business since the same time in 1981. Production curtailments because of major maintenance projects primarily at Fort Frances, Ontario, and Newcastle and New Brunswick, Canada, adversely affected the performance of the companys paper business during the quarter. Mr. Fery said the company is encouraged by the surge in demand for housing and business papers but is concerned about the possible future effect of recently rising interest rates. compared same time John B. board and home-buildin- n 2.160,000. Intent, Mr. Evans told The Tribune, is to increase marketability of the shares. ZCMI shareholders by nature, have a certain institutional loyalty, and have not readily traded their shares. Because of lack of trades, it has been difficult to establish a daily trading price. However, recent trades at about $36 a share, indicate that the stock, is considerably un- - Western Electric to Shut Down S.L. Center in Consolidation Western Electric's Salt Lake City service center is among four across the country the firm will consolidate into larger operations in other cities. Norman Hoyle, manager of distribution and repair, mountain area, confirmed Wednesday that the services performed in Salt Lake City at 1850 W. 2100 South will be done at the Denver service center by the end of the year. He said the Salt Lake center distributes and repairs tele- - phone equipment. Mr. Hoyle said all of the Salt Lake center's 161 employees will be affected by the consolidation. 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