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Show The Iu I)rii fait Lake Tribune Wednesday, July 11, 1984 C5 . Drop Modest Decline Hits N.Y. Stock Mart By James F Peltz Associated Press Writer NEW YORK Stocks fell modestly Tuesday, but the Dow Jones industrial average took a sizable hit with help from a sharp drop in Merck & Co.'s issue Other drug stocks also fell, along with energy and mining issues. But telephone stocks advanced. The Low Jones average of 30 industrials lost 7.17 to 1,126 88 after climbing 1148 Monday. The Dow Jones transportation average also fell, bu its utility measure rose a fraction. Losers outpaced gainers 7 to 6 on the New York Stock Exchange, whose composite index fell 0.22 to The Market In Brief New York Stock Exchange July 10, 1984 VOLUME UP 694 0o 7A0 10,000 SHARES Merck, a component of the Dow Jones industrial average, tumbled 4 to 86 amid reports one of Merck's major-sellindrugs will face new competition. Other blue-chi- p losers Included Exxon, down 4 to 40; International Business Machines, off to 107, and General Motors, down to 67. But Sears Roebuck rose to 32. g St. Regis jumped 1 to 41V after a federal judge denied the company's request to block publisher Rupert Murdoch from increasing his 5 6 percent stake in St. Regis. UNCHANGED 504 0 DOWN Business Tradewinds American Telephone & Telegraph was unchanged at 17 and topped the NYSEs active list. The company announced a freeze on management pay scales through 1985 as part of a g broad effort. 796 88.19. Volume: 74 Million Vicky Tolman has been named general manager and Andy Anderson store manager of NuWay Builders Supply Co., Salt Lake City. Ms. Tolman has about six years experience in the building supply business and previously worked for Builders Service in San Angelo, Texas. Mr. Anderson has about five years experience in the industry and previously worked for Ernst Home Centers . . . Joe and Jackie Farley have opened J&J Service Center, Salt Lake City, a firm specializing in the repair of Texas Instruments computers and printers. Mr. Farley is the former service repair man for TBM Computers, which has gone out of business . . . Charlie Baldwin has been named director of sales at Brock Residence Inn, a suite hotel under construction at 765 E. 400 South and scheduled to open in August. She previously served y as sales manager for The Inn in Pack City . . . Kris Barth has been promoted operations officer for First Security Bank of Utah's Salt Lake division and Gary cost-cuttin- Big Board volume totaled million shares, compared with million in the previous session. 74 01 74.83 After opening slightly lower, prices moved ahead in activity. But the market failed to sustain the upswing and spent the balance of the session on the downside. The rally in the credit markets that helped boost stocks Monday also fizzled Tuesday, as interest rates nudged higher and bond prices fell. Prices of some long-terTreasury bonds, for example, lost point or $7.50 for each $1,000 in face value. Despite the blue-chi- p rally Monday, the overall market's lagging performance signaled continued in- g vestor concern that interest rates will rise further in the weeks ahead, some brokers said. Martin Feldstein, who is stepping down as President Reagan's chief economist, said he does not expect short-terrates to fall anytime soon because of the strong economy and heavy Treasury borrowing to finance the federal budget deficits. If anything, I think the pressure continues to be for somewhat higher, not greatly higher, but slightly higher short rates, he said. Merck Tumbles Western TCI Begins New TV Services 4 Wall Streeters also are worried about suggestions that the Federal Reserve is poised to restrict credit availability in order to cool the economy and curb inflation, a move that also would lift rates. ITT Cuts Dividend ITT rose to 31, but after the close ITT cut its quarterly dividend to 25 cents a share from 69 cents, and said second-quarte- r per-shar- e profit year would be about half that of a earlier. Johnson L Johnson lost to 29 V; a e block traded at 29. Nationwide turnover in NYSE-liste- d issues, including trades in those stocks on regional exchanges and in the market, totaled 87.92 million shares. 961,500-shar- Standard & Poors index of 400 industrials fell 0.69 to 173.92, and SAP's k composite index was off 500-stoc- 0.47 to 152.89. At the American Stock Exchange, the market value index lost 0.09 o Yarro-wHolida- 196.49. The NASDAQ composite index for the at market closed 236.25, down 0.74. Lew has been named trust administrator for the banks trust division. Gary B. Judd has been named senior vice president of First Security Leasing Co. He graduated from Weber State College and the University of Utah. He joined the leasing firm in June when he was appointed director of marketing . . . New appointments at Salt Lake-base- d American Express Travelers Cheque Operations Center include Robert M. Kantrowitz to director, refundcommunication services; Pat Toomey to manager-operation- s procedures; Ken Chant to g manager-buildinservices, and Jay develSckimke to manager-trainin- g opment . . . Brian Yancey, Murray, has won the Award of E.R. Squibb & Sons Inc. for outstanding sales performance. He has been with Squibb for three years and earned a bachelor of arts degree in journalism, public relations and advertising from Brigham Young University . . . John C. Pitcher and L. Chad Wilkinson have been appointed loan production officers for Baird & Warner, a Chica er real estate finance group, in Salt Lake City. They will work with developers, builders and new expanding businesses throughout the Wasatch Front in placing loans with lenders nationwide . . . Hilary Stephens has been named salesperson for May by the Great Lakes sales division of Recycled Paper Products Inc. She is a native of Salt Lake City and her sales territory extends to Utah . . . Wayne F. Goodman of Hyland Schwinn, Salt Lake City, has become a member of the Schwinn 1000 Club, an achievement placing him among the top bicycle dealers in the nation . . . Byron Lovell has been named president of the Fleming Foods Salt Lake City division. He re places Jerry Dewey, appointed president of Fleming Foods of California, in Fremont. Mr. Lovell has worked for the firm for 13 years, serving most recently as controller-westerregion. A native of Utah, he received a business degree from Brigham Young University in 1970. GET RESULTS WANT-AD- Special to The Tribune Colo. Western ENGLEWOOD, Inc. said Tuesday it has begun television message services on its Portland-Seattl- e microwave route under contract with e six telephone carriers. Western TCI said more capacity will be added in the first half of 1985 with service extensions to Spokane, Eugene and Salem, Ore. The company has been operating the route since 1971 to carry programs of the three national television networks to commercial stations in Washington and Oregon. Western has been providing broadband message transmission service to MCI, Sprint and other new carriers. The firm, which serves cable TV systems, radio and TV stations, among other customers, in 16 western states, formerly was the wholly-owne- d microwave division of Inc., nations largest cable TV company. Last March, TCI gave its stockholders Western TCI common shares as a dividend. Western now operates as a separate, publicly-hel- d company trading on the market. Western said it is engaged in a major program to expand existing capacity and service to other areas. national-over-the-count- Pepperidge Farm Cuts Workforce RICHMOND, Cache County (AP) Reduced sales in its frozen food products has forced the Pepperidge Farm plant here to cut its workforce by 16 percent effective July 31, company officials said. Flant Manager Dale Stokes said e and 36 part-tim- e Tuesday that 79 employees will be laid off, reducing the firms total employment full-tim- to 413. Stokes said sales in the firms deli sandwich line had been hurt by expanded competition. Changes in consumer taste and preference makes this a difficult market to predict, he said. He said the reduced sales have forced Pepperidge Farm to cut back from its normal morning and evening shift to one daytime shift for its frozen-food product. He said the layoffs are indefinite, although some employees could be rehired. 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