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Show l&B The Salt Lake Tribune Highest Saturday, May Restraining Order 5, 1984 lasers Housing, Auto Issues Outlook Drops Stocks Interest-Rat- e - The stock NEW YORK (AP) market dropped sharply Friday, be- a negaset by a familiar nemesis forecast from tive interest-rat- e economist Henry Kaufman. issues Auto and housing-relateshowed some of the biggest losses, in response to fears of costlier credit. d The Dow Jones average of 30 industrials fell 16.22 to 1,165.31, finishing the week with a net loss of 3.76 points. Volume on the New York Stock Exchange totaled shares, against 91.91 95.58 million million Thurs- day. At midmorning, Kaufman, economist at Salomon Brothers Inc., said it was likely that interest rates would go "spectacularly higher by next year unless strong measures are taken to narrow the federal budget deficit. "Interest rates will be the only disciplining force for the economy as we move to a higher level of activity in this business expansion, Kaufman said in remarks to a bankers group in Fort Worth, Texas. Rates Rising His comments came at a time when interest rates have already risen substantially from their lows last year. They kept moving up in the credit markets Friday. tives found continued strong growth in the economy last month. In the auto group, General Motors tumbled V to 64Y2; Chrysler Vk to 23 Vi, and Ford Motor 1 to 35 V2. In addition to interest-rat- e worries, the auto stocks have been weighed down lately by fears of a possible strike The Market In Brief New York Stock Exchange May 4, 1984 VOLUME UP 516 95,580,000 tr later this year and talk that import quotas on foreign cars might be relaxed or discontinued in 1985. Links to Housing Among issues with links to the housing and credit markets, Great Western Financial fell 1 to 20; Weyerhaueser 1 to 28, and Boise Cascade 1 V to 394. Eastman Kodak rose 3M to 66. The stock has been moving up since the companys report earlier in the earnweek of higher ings, with an accompanying forecast of strong results for the balance of the year. In addition, Kodak announced plans Thursday to buy back an unspecified amount of its shares. The daily tally on the Big Board showed more than two issues declining in price for every one that rose, and the exchanges composite index dropped 1.08 to 91.75. Nationwide turnover in NYSE-liste- d issues, including trades in those stocks on regional exchanges market, and in the totaled 114.63 million shares. Standard & Poors index of 400 industrials fell 2.49 to 180.27, and S&Ps composite index was down 2.09 at 159.11. The NASDAQ composite index for market lost the 1.66 to 250.89. At the American Stock Exchange, the market value index SHARES CHV.OEC ;T 436 o DOWN 1,031 N.Y.S.E. Index 91.50-1.0- 8 159.11-2.0- S. & P. Comp. Dow Jones Ind. 9 first-quart- 1,165.31 -- 16.22 Rates on short-terTreasury bills jumped 15 to 20 basis points, or hundredths of a percentage point. Prices of long-tergovernment bonds, which move in the opposite direction from interest rates, fell about $10 for every $1,000 in face value. In the days other economic news, the government reported that the civilian unemployment rate held steady at 7.8 percent in April. A survey of corporate purchasing execu- - er Mortgage Rates Up in April said. - Mortgage half, with rates shot WASHINGTON (AP) upward in April, he second con- loans hitting ventional fixed-rat- e 14.11 percent, the government reported Friday. The new rate, quoted by major lenders on long-termortgages for newly built homes, was up from 13.85 percent in March, according to the Federal Home Loan Bank Board. It marked the first time in six months that rates have risen above 14 percent. In October, fixed-rat- e mortgages averaged 14.08 percent, down from 14.28 percent in September. Beginning in October, rates declined for six months to a low of 13.69 percent in February. In March, the rate rose to 13.85 percent. Rates also were up sharply for adjustable rate mortgages, which accounted for 60 percent of all mortgages taken out in April. 500-stoc- k Sumichrast predicted that fixed-rat- e mortgages would rise to 14.60 percent by the end of 1984 and 15.75 percent at the end of 1985. closed at 212.21, down 1.44. Issued in Case Of Carter Ilawley LOS ANGELES (AP) A federal judge on Friday issued a temporary restraining order sought by the Se- curities and Ex- change Commisin sion its challenge to the tactics which Carter Hawley Stores Inc. has used to fend off a takeover bid. Mr. Hawley The ruling was the latest development in a po- - tentially precedent-- case that could decide how far a company can go to defend itself against an unwelcome takeover bid. Another hearing was set for Tuesday. a U.S. District Judge A. Wallace made it clear he was granting the temporary restraining order only to give the federal regulatory agency a breathing spell so it could attempt to prove its case and seek a preliminary injunction next week. He said that in granting the order he was not indicating how he would rule on SEC requests for further court orders in the case. I am not ruling on the merits . only on granting the TRO for 10 days, Tashima said. Carter Hawley Hale is parent to such stores as Weinstock's, the EmpoBroadway, Neiman-Marcurium Capwell and Walden Books. .i.'.vstti.oi.! ,.v.il have rr.uie uu::, m juw mdepenaoi.iy j'.vnea Lvally managed ohr. Dere Equipment dealership. There s an opportunity new trie Southern Idaho to handle- - the in .,st valued tun olr.se .ndustry. .capable oi producing ar. excellent mves'n.e:.' return and lonn-teirsecurity, rkros why: Farming is the world's biggest business. Brace: tr.ar. weei. Bigger liar, automobiles. And mechanization is the itc'.. meet the .vora ior tea a y - tar me: to boost his output, a growing population moi easing te x i ana liber jemands John Deere is the world's leading producer oi farm equipment including tractors tillage haying harvesting equipmenn Aaaitionai sales ana protfs are available with lawn rate arid other products 'hrnugh the Consume: Products Agtoerr.erv. You sell a toll line oi depet.aaule r roaucts with the solid support wf a cjuality-burdollar corpo.'auon that respects the independence oi its cha it takes to became part aeaiers. It y.o hir.l: tills piOiIltaLle pictuie. Witte i jail: setting . YDu: a:, J 11 tr.Uiti-b.Ilm- . Richaia L. Tami John Deere Comou:.v Cat! O. f.'Lo.u John Deere wmpjr.y P.O. Box 2C098 Portland, OR SOsU 003) 667-- hJl s, P.O. Box 8723 Salt Lake City, 801) Utahc-i.s- (weekends, 486-974- 5 After meeting later in the day for both sides, Tashima reduced the length of the order from 10 days to four, and scheduled another hearing for Tuesday. with attorneys SEC regional administrator Irving Einhorn said he was pleased with the ruling For a limited time,you can get ienuine Mcholsoritools for the mice of cutting tools you never heard oi The bank board said consumers paid an average of 11.90 percent last month for adjustable rate mortgages that have limits on the Nicholson HacksawFrame. Regularly, &85 Now, 6.60 Nicholson 175 Handsaw. amount rates can vary. This was up from 11.73 percent in March and 11.85 percent in February. For adjustable rate mortgages with unlimited changes, the average rate was 12.42 percent last month, compared with 12.23 percent in March and February. Both the fixed and adjustable commitment rates are for the purchase of a single-familhome with a conventional mortgage, lasting at least 25 years and covering 75 percent of the purchase price. Michael Sumichrast, chief economist for the National Association of Home Builders, said the increasing acceptance of variable rate mortgages would lessen the impact of rising interest rates on housing sales. There is enough activity in the field to carry us through most of the year, but it will slow down in the Regularly, 21.90 Now, 16.40 General-purpos- jr with blade, set and bevel-fileteeth for smooth, even cutting. Carved wooden grip for comfort flat-groun- d d y d 10and 12blades, positions them at 4 different angles for precise cutting in tight spaces. Includes 10 blade. saw e frame with mold- Sturdy, nickel-plateed pistol grip. Adjusts to fit both Silver Mine Notes Jump in Profits, Eyes Merger Deal - Hecla WALLACE, Idaho (AP) Mining Co. reported Thursday that profits for the first quarter of 1984 increased to almost $2.1 million, a gain of 45 percent from the previous quarter. This quarter has been a momentous period in the history of Hecla Mining Co., said president William A. Griffith. The first quarter 194 profits were 11 cents a share, compared to 8 cents in the final quarter of 1983, despite moderately lower prices for silver and gold. Increased production from the Lucky Friday mine and other silver producing properties was the primary reason for the improvement, the firm said. Nicholson 8File. Regularly, 3.85 Now, 2.85 Coarse, tooth-heigh- jr BOKER CRESCENT higher silver prices and lower exploration costs during the earlier peri- LUFKIN NICHOLSON PLUMB WELLER WSS XCEUTE The difference between work and workmanship. od. Total assets of the merged firms will be more than $200 million, he added. Hecla holds its annual stockholders meeting in Spokane on May 11. file for sharpening garden tools and deburring sheet metal. t Uniform ensures consistent results. Handle included. First quarter 1983 earnings of 41 Cents a share were higher than those reported for the current period due to a combination of substantially Hecla has agreed to buy a controlling interest in Ranchers Exploration and Development Corp., of Albuquerque, N.M., in a deal which will mean the exchange of 1.55 shares of Hecla for each share of Ranchers. Hecla and Sunshine Mining Co. reached agreement last month for Sunshine to withdraw a competing bid to acquire Ranchers in return for settlement of some mining disputes in the Coeur dAlene Mining District of northern Idaho. single-cu- t UTAH AMERICAN FORK Barratt Builders Supply 35 Barratt Ave. BOUNTIFUL Anderson Lumber 620 So. 200 W. GRANGER Barton Builders Mart 3555 West 3500 So. Samons 271 6 West 350J So. KEARNS Burton Lumber 3909 West 4700 So. LAYTON Boise Cascade 1236 No. Main LEHI Samon's OREM Peck Building Supply 115 East State LOGAN Samon's 70 East 400 North MIDVALE Samon's 1020 E. Fort Union Blvd. MORONI Moroni Feed Co NORTH SALT LAKE Samon's 1075 North 500 East OGDEN Samon s 1050 W. Riverdale Road 95 No. Harrisville Road 1311 Samons East 3300 South 938 North 900 West 5728 So. Redwood Road The Tool Center 2519 So. State 374 No. State Street PLEASANT GROVE Allred Builders Supply 200 East State SANDY SALT LAKE CITY Burton Lumber 2220 So. State Economy Builders Supply 9150 So. 3rd West Economy Builders Supply SPANISH FORK 3232 South 400 East Spanish Fork Builders Hy Ko True Value 45 East Center St. 1908 W. Industrial Circle Morrison Bros. ST. GEORGE 905 So. State Samons Nu Way Lumber 67 East St. George Blvd. 35 West 9th South I tie Li'OULi 4 WEST JORDAN Jordan Builders Home Center 1800 West 7800 South IDAHO IDAHO FALLS Anderson Lumber 1400 No. Holmes Ave. RIGBY Jefferson Co-oSupply Inc. 201 South State p NEVADA LAS VEGAS Samon's 624 Maryland Parkway 1140 South Decatur 1 1, Itfbd |